Singapore Names Standard Chartered as Significantly Rooted Foreign Bank
August 03 2020 - 1:00AM
Dow Jones News
By Ronnie Harui
The Monetary Authority of Singapore said Monday that it will
award "significantly rooted foreign bank" (SRFB) privileges to
Standard Chartered Bank (Singapore) Ltd., allowing it to boost its
presence in the city-state.
Standard Chartered Bank (Singapore) is the first bank to qualify
for SRFB privileges under EU-Singapore Free Trade Agreement
commitments, the MAS said. With effect from Aug. 3, Standard
Chartered (Singapore) will be able to operate up to 50 places of
business.
Under the SRFB Framework announced in 2012 by MAS Chairman
Tharman Shanmugaratnam, qualifying full banks that are
significantly rooted in Singapore and from jurisdictions that have
a Free Trade Agreement with Singapore are permitted to establish
more places of business. The first FTA that includes SRFB
commitments is the EU-Singapore Free Trade Agreement, the MAS
added.
The MAS also said it will enhance the SRFB Framework so that 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.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
August 03, 2020 00:45 ET (04:45 GMT)
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