Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act. The first four licences were awarded on 20 October 1999 to ABN AMRO, Banque Nationale De Paris (now BNP Paribas), Citibank (transferred to newly locally incorporated Citibank Singapore on 28 June 2004) and Standard Chartered Bank. The typical activities of merchant banks include corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy, personal banking and other fee-based activities. Foreign banks. Therefore, the results count on the licences may be higher than the number of financial institutions returned. In 1988, it established its Asia Pacific Head Office in Singapore. There are three categories of bank licences, namely: (a) full bank licence; (b) wholesale bank licence; and (c) offshore bank licence. SINGAPORE – Razer Fintech has submitted its application for the Digital Full Bank License to be issued by the Monetary Authority of Singapore (“MAS”). Sea Limited (NYSE: SE) ("Sea" or the "Company") today announced that it has been selected for the award of a license to operate a digital full bank in Singapore. licensed banks, restricted licence banks and deposit-taking companies. Singapore’s digital banking license was perhaps one of the most widely discussed topic in 2019 within fintech circles and we suspect 2020 will not be too different with MAS anticipated to issue licenses by mid-2020.. ×, Licence Type/Status: Qualifying Full Bank Out of the total 21 applicants that submitted their applications for the banking license, 14 of them were shortlisted. While a full bank can engage in all Singapore dollar and non-Singapore dollar denominated banking business, foreign banks with full bank licences can only operate a limited number of branches and automated teller machines (ATMs). Further, such QFBs, whose home countries have Free Trade Agreements with Singapore, will be able to operate up to 50 places of business. Qualifying Full Bank; Exempt Capital Markets Services Entity; Exempt Financial Adviser +65 66292265: 2 BATTERY ROAD #01-01 MAYBANK TOWER 049907: STANDARD CHARTERED BANK (SINGAPORE) LIMITED. There are, at present over 150 banks and deposit-taking institutions, and 45 banks with representative offices in Singapore. And they can be sub-divided into different categories. Financial service licenses in Singapore are overseen by the Monetary Authority of Singapore (MAS). These full banks have the liberty to provide any financial service as permitted by the Banking Act.[1]. Sector: Banking Singapore has announced plans to issue up to five digital bank licenses as part of efforts to add market diversity and boost the banking system in the … Credit card and charge card issuers in Singapore are governed by the Banking Act. On the same day, they are also permitted to provide the Central Provident Fund's Supplementary Retirement Scheme and Investment Scheme accounts and to accept CPF fixed deposits. Two of the Singapore licenses will be full digital banking licenses, while the other three will be wholesale banking licenses. Find a financial institution, licence type or activity in Singapore. View * Please note that a financial institution may hold multiple licences. See All Financial Institutions. Full banks may engage in the full range of banking activities permitted under the BA. Filter Result. Licensing and Authorisation for Banking Business. Merchant banks may not accept sight or savings deposits or borrow from the public. They operate in accordance with the Guidelines issued by MAS to work wholesale banks. Bank Licence Type Country of Incorporation Membership; DBS Bank Ltd: Full Bank: Singapore: Local Banks: OCBC Bank (Chairman) Full Bank: Singapore: Local Banks: United Overseas Bank … However, they may accept deposits or borrow from banks, finance companies, shareholders and companies controlled by their shareholders. There are presently five locally incorporated full banks in Singapore, owned by three banking groups. Wholesale bank licences were first issued in December 2001 to replace the "Restricted Bank (RB)" licence as a reflexion of greater services which may be conducted by these banks. These QFBs are permitted to operate up to 15 service locations. MAS regulates and supervises over 150 deposit-taking institutions in Singapore, including full banks, wholesale banks, merchant banks and finance companies. Singapore Digital Bank License: 14 Applicants Shortlisted, 4 Awarded. Directory Home. Singapore, December 4, 2020– Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced that it has been selected for the award of a license to operate a digital full bank in Singapore. Razer Fintech will be focusing on the underserved youth and millennials segment for the bid. Today the branch is a fully licensed commercial bank, licensed by the Monetary Authority of Singapore (MAS) and governed by the Banking Act. Wholesale banks may engage in the same banking activities that banks offering a full range of services, except that they do not have the right to provide retail banking services in Singapore dollars. The Monetary Authority of Singapore announced earlier today that Sea has been selected for the award of a digital full bank license, the first time such a license is being awarded in Singapore. This is a list of banks with operations in Singapore. Maybank Singapore is a fully licensed commercial bank, branch of largest Malaysian bank – Maybank. The top 3 local banks are Development Bank of Singapore, Overseas Chinese Banking Corporation, and United Overseas Bank. Hong Kong maintains a three-tier system of deposit-taking institutions, i.e. In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates better able to regionalise and compete with foreign banks, the government liberalised the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001. Sea Selected for the Award of Digital Full Bank License in Singapore Digital bank initiative will build on Sea's long-standing commitment to supporting the development of the digital economy in its home market, as well as Singapore's role as a global hub for technology and financial services. Industrial and Commercial Bank Singapore Limited, Hongkong and Shanghai Banking Corporation, "important to the domestic market to locally incorporate their retail operations", Australia and New Zealand Banking Group Limited, Citibank International Personal Bank Singapore, "Bank of Singapore renamed Singapore Island Bank", "Far Eastern Bank completes merger with UOB", "Company Profile - Standard Chartered Bank, Singapore", "Wholesale banking licence for EFG in Singapore", Address and Contact numbers of Singapore banks, Complete list of banks and branches in Singapore, Crédit Agricole Corporate and Investment Bank, Mitsubishi UFJ Trust and Banking Corporation, https://en.wikipedia.org/w/index.php?title=List_of_banks_in_Singapore&oldid=995281269, All Wikipedia articles written in Singapore English, Articles with unsourced statements from March 2016, Articles with unsourced statements from April 2016, Creative Commons Attribution-ShareAlike License, Kumpulan CIMB / CIMB குழுமம் / كومڤولن چيمب, Bangko Nasyonal ng Pilipinas or Pambansang Bangko ng Pilipinas, This page was last edited on 20 December 2020, at 04:39. Since then, the number of local full banks has shrunk by more than half to four today. State Bank of India. Deutsche Bank first established a presence in Singapore in 1971/1972. Full banks can engage in the full range of banking business under the Banking Act, including deposit taking, cheque services and lending. As of today, MAS awarded the Grab-Singtel consortium, Sea with the full banking licences. SINGAPORE–(BUSINESS WIRE)–Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced that it has been selected for the award of a license to operate a digital full bank in Singapore. There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks. Liberalisation of the banking sector saw the government creating a new category under the foreign banks category, called the Qualifying Full Bank (QFB). Businesses in Singapore. Incorporated in Hong Kong, the Bank of East Asia presented initiated its banking operation in Singapore of being fully licensed bank with ACU (Asian Currency Unit) operation in 1952. In 2012, MAS announced new changes to the QFB scheme, requiring QFBs who are "important to the domestic market to locally incorporate their retail operations". Standard Chartered Singapore . This also reflected our full confidence in Singapore and recognition of its importance as an international financial center. One of the largest commercial banks in India, SBI operates several offices and branches across the world. Since 18 July 2001, banks were no longer permitted to engage in non-financial activities. There were many speculations as to who are the contenders-to-be and there’s no shortage of aspirants announcing their interest to bid for the digital banking license. These banks were permitted to share their ATM networks (this was achieved with five of the QFBs through atm5), and provide services via the EFTPOS network from 1 July 2002. Find a financial institution, licence type or activity in Singapore. In June 2004, the QFB licence was further liberalised. The Corporate Bank serves as the hub for our corporate and commercial clients. Singapore has received 21 applications from several consortiums and companies for the five digital bank licenses that are up for grabs, the country's financial regulator said on Tuesday. 21 result(s) Print/Download List. SBI Singapore is a Qualifying Full Bank (QFB) and offers a wide range of services to both individual and corporate customers. Monetary Authority of Singapore have shortlisted 14 out of 21 applicants vying for a digital bank licence in the country, but does not reveal which bidders have been dropped from the list. Singapore is one of the bank's key hubs in the Asia Pacific region. In Singapore, there are 37 wholesale banks, and all of them are subsidiaries of foreign banks. In May 1999, MAS launched a five-year liberalisation package to strengthen the banking system and to improve Singapore’s reputation as an international financial centre. Depending on which part of the world you’re from it comes in many names; neo-banks, challenger banks, virtual banks and digital-only banks. It is active in Singapore since December 1960 and today provides highly personalised services using locally-oriented approach through a distribution network of 22 branches and more than 35 ATMs. Foreign Banks: There are around 150+ foreign banks. Local Banks: There are only 6 local banks. These banks may conduct the same range of services as full banks, except that they do not deal with banking activities in the Singapore Dollar, and can only have one main branch. The Monetary Authority of Singapore is issuing up to five digital banking licences by the middle of this year - two full-bank licences that permit retail banking, and three for wholesale banking. QFBs are permitted to establish up to 25 service locations of which up to 10 can be branches from 1 January 2005. Location of incorporation is provided in brackets for foreign banks. Corporate Bank. Financial institutions (FIs) wishing to conduct banking business in Singapore must meet MAS' admission criteria and receive written authorisation from MAS to set up a wholesale bank or merchant bank in Singapore. The measures included issuing a new category of full banking licenses known as Qualifying Full Bank (QFB) licenses to foreign banks, increasi… Singaporeans can expect two new full digital banks in town. Qualifying Full Bank; SGS Primary Dealer; Exempt Capital Markets Services Entity; Exempt Financial Adviser +65 65968888: 8 MARINA BOULEVARD #27-01 MARINA BAY FINANCIAL CENTRE TOWER 1 018981: STATE BANK … Although foreign banks with full bank licences can also offer most commercial banking services to clients compared to local banks, they are restricted in terms of number of branches and automated teller machines. To conduct banking business in Singapore, banks are required to be licensed by MAS. Maybank Singapore is a fully licensed commercial bank, branch of largest Malaysian bank – Maybank. Work on the project commenced in 1974 and we moved to our present building at 180 Cecil Street in 1978. There are presently 119 foreign commercial banks in Singapore, of which 28 … The Securities and Futures Act as well as the Financial Advisers Act combine to regulate all financial services licenses issued in Singapore. Two new licences were issued in December 2001 as part of the second phase of bank liberalisation, namely to the Hongkong and Shanghai Banking Corporation and Maybank Singapore. Full banks: There are around 27 … Such licenses include the Capital Markets Services License as well as the Financial Services License. ×, Copyright © 2021 Monetary Authority of Singapore, http://www.icbc.com.cn/new-branch/xjp/index.htm, 4 BATTERY ROAD BANK OF CHINA BUILDING 049908, 9, RAFFLES PLACE #33-01 REPUBLIC PLAZA 048619, 8 MARINA VIEW LEVEL 21 ASIA SQUARE TOWER 1 018960, 10 MARINA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 2, #48-01 018983, 9 RAFFLES PLACE #50-01 REPUBLIC PLAZA 048619, 2 BATTERY ROAD #01-01 MAYBANK TOWER 049907, 8 MARINA BOULEVARD #27-01 MARINA BAY FINANCIAL CENTRE TOWER 1 018981. 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