By Ronnie Harui 
 

The Monetary Authority of Singapore said Monday that it will award "significantly rooted foreign bank" (SRFB) privileges to Standard Chartered Bank (Singapore) Ltd., allowing it to boost its presence in the city-state.

Standard Chartered Bank (Singapore) is the first bank to qualify for SRFB privileges under EU-Singapore Free Trade Agreement commitments, the MAS said. With effect from Aug. 3, Standard Chartered (Singapore) will be able to operate up to 50 places of business.

Under the SRFB Framework announced in 2012 by MAS Chairman Tharman Shanmugaratnam, qualifying full banks that are significantly rooted in Singapore and from jurisdictions that have a Free Trade Agreement with Singapore are permitted to establish more places of business. The first FTA that includes SRFB commitments is the EU-Singapore Free Trade Agreement, the MAS added.

The MAS also said it will enhance the SRFB Framework so that an SRFB that substantially exceeds the criteria for significant rootedness in Singapore may be given additional privileges, including the ability to establish a separate subsidiary to develop alternative business models.

 

Write to Ronnie Harui at ronnie.harui@wsj.com

 

(END) Dow Jones Newswires

August 03, 2020 00:45 ET (04:45 GMT)

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