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Singapore to offer new wholesale licences

Singapore to offer new wholesale licences

(Singapore) - The Monetary Authority of Singapore (MAS) has announced it will invite foreign lenders to apply for seven new wholesale banking licences. The licences are part of a plan to liberalise the city-state's banking sector, announced last year, which included plans to grant up to 20 new wholesale licences by June 2003.

The MAS plans to progressively award wholesale banking licences to all offshore banks currently doing business in Singapore, in addition to "reputable" new foreign bank entrants.

Singapore is moving from a three-tier bank licensing regime - full, restricted and offshore - towards a two-tier regime of full and wholesale banking licences.

The MAS has invited fresh applications for the current round by March 15, 2003.

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