MAS recognises first ‘significantly rooted’ foreign bank

Singapore

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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