Singaporean regulator grants SRFB privileges to Standard Chartered Bank
These privileges will allow the bank it to operate additional places of business.
The Monetary Authority of Singapore (MAS) announced today that it will award Significantly Rooted Foreign Bank (SRFB) privileges to Standard Chartered Bank (Singapore) Limited (SCBSL), allowing it to operate additional places of business (POBs).
SCBSL is the first bank to qualify as an SRFB.
MAS will also enhance the SRFB Framework so that in the future, an SRFB that substantially exceeds the criteria for significant rootedness in Singapore may be given additional privileges, including the ability to establish a separate subsidiary to develop alternative business models.
Under the SRFB Framework announced in 2012, Qualifying Full Banks (QFBs) that are significantly rooted in Singapore and from jurisdictions that have a Free Trade Agreement (FTA) with Singapore are allowed to establish up to 50 POBs, of which up to 35 may be branches . The assessment of significant rootedness is made by MAS on the basis of a range of quantitative and qualitative attributes.
With effect from August 3, 2020, SCBSL will be able to operate up to 50 POBs.
Standard Chartered Bank has recently announced the completion of the transfer of all its businesses in Singapore from the Bank’s Singapore Branch into its locally incorporated subsidiary, Standard Chartered Bank (Singapore) Limited (SCBSL).