MAS recognises first ‘significantly rooted’ foreign bank
StanChart’s new status will give it some of the same privileges as locally incorporated banking groups
Singapore’s central bank has named Standard Chartered the first “significantly rooted foreign bank” in the city-state, enabling the British bank to have the same flexibility as local-incorporated banking groups.
The Monetary Authority of Singapore (MAS) will also consider allowing foreign banks to set up virtual banks in the future, as part of a broader scheme to encourage banks to establish closer ties with the country.
“A significantly rooted foreign bank that substantially exceeds the
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