StanChart closer to building digital-only bank in Singapore
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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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