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StanChart closer to building digital-only bank in Singapore

    Published Thu, Dec 10, 2020 · 09:50 PM

    Singapore

    STANDARD Chartered Singapore was awarded enhanced "Significantly Rooted Foreign Bank" (SRFB) privileges by the Monetary Authority of Singapore (MAS) on Thursday, paving the way for it to set up a digital-only bank.

    The enhanced SRFB privileges allow StanChart to secure an additional full bank licence to establish a subsidiary to operate new or alternative business models such as a digital-led bank with ecosystem partners.

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    Standard CharteredMonetary Authority of SingaporeSingapore digital banksSingapore banks

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