SINGAPORE: The Monetary Authority of Singapore (MAS) said it plans to revise rules governing foreign banks with a substantial local presence that may allow them to open digital-only banking subsidiaries.
Under the enhanced framework, the MAS will consider granting an additional full banking license to foreign lenders which substantially exceed its Significantly Rooted Foreign Bank criteria, the central bank said in a statement.
“This will enable them to have the same flexibility as Singapore-incorporated banking groups to establish subsidiaries, including with joint-venture partners, to operate new or alternative business models such as a digital-only bank, ” the statement said.
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