Singapore will invite applications next month from foreign banks as it prepares for its latest round of granting full licences. The newly appointed managing director of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, said this second round of invitations was part of the move to open up and increase competitiveness in Singapore's financial markets. "Singapore will continue to liberalise the financial markets to allow more foreign banks to operate," he said.

Yesterday, Mr