The recognition comes on the back of the U.K.-Singapore Free Trade Agreement, signed on Thursday.
The Monetary Authority of Singapore (MAS) has granted Standard Chartered Bank (Singapore) enhanced Significantly Rooted Foreign Bank (SRFB) privileges, in recognition of the significantly higher degree of rootedness that exceeds the SRFB baseline criteria.
As part of the U.K.-Singapore FTA, Standard Chartered will be entitled to additional customer service locations on top of the 50 it is entitled to as an SRFB.
The enhanced SRFB privileges also give Standard Chartered the opportunity to secure an additional full bank license to establish a subsidiary to operate new or alternative business models such as a digital-led bank with ecosystem partners, which it has been planning as part of a joint venture with National Trade Union Congress (NTUC) Enterprise.
Standard Chartered’s roots in Singapore trace back over 160 years when it set up its first branch in 1859 under its former name, Chartered Bank of India, Australia and China.
Singapore is now the group’s operational hub, housing global businesses, technology and operations, and many of the bank’s leadership teams. The country is also home to SC Ventures, the bank’s innovation, ventures and fintech investments unit. The bank also plans to grow its international wealth business in Singapore and has invested S$8 million to train and upskill its workforce in the city-state.
We have invested and grown in Singapore to be the global business and operations hub that we are today, and we look forward to playing our part in developing the country’s banking landscape, Bill Winters, Standard Chartered group chief executive, said in a statement.