StanChart Becomes First Significantly Rooted Foreign Bank in Singapore
(10 August 2020 – Singapore) The Monetary Authority of Singapore (MAS) is awarding Standard Chartered additional privileges as a Significantly Rooted Foreign Bank (SRFB), allowing it to operate up to 50 places of business, double its current capacity.
Standard Chartered is the first bank to qualify as an SRFB, which is granted to full banks that “have become significantly rooted” in Singapore. SRFBs are only awarded as part of an overall package negotiated under free trade agreements with these banks' home countries.
An SRFB that "substantially exceeds the criteria for significant rootedness" may, in the future, be given extra privileges.
“(The enhanced framework) will enable them to have the same flexibility as Singapore-incorporated banking groups to establish subsidiaries, including with joint-venture partners, to operate new or alternative business models such as a digital-only bank,” MAS said.
"The enhanced SRFB Framework will strengthen the ability of SRFBs to complement the local banks as anchors to Singapore's financial system," it added.
"We are also the only international bank that has adopted Singapore as its global operational and innovation headquarters, with a significant share of our global management team based here," said Standard Charted Singapore chief executive Patrick Lee.
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