The Monetary Authority of Singapore (MAS), Singapore’s central bank, has enabled Standard Chartered Bank Singapore (SCBSL) to run more places of business (POBs) as a Significantly Rooted Foreign Bank (SRFB).

The bank, which is said to first bank to qualify as an SRFB, has been allowed to open up to 50 POBs including a maximum of 35 branches.

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The central bank also plans to enhance the framework for SRFB banks.

The enhanced framework will recognise SRFB with a “significantly higher degree of rootedness”.

It will provide an additional full bank licence to an SRFB that “substantially exceeds the SRFB baseline criteria”.

As a result, they can set up subsidiaries, including with joint-venture partners, or run digital-only bank, noted the regulator.

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Multiple factors will be factored in to assess whether the SRFB exceeds the baseline criteria.

These factors include the complete subsidiarisation of banking operations in Singapore, having a significant proportion of Singapore-based business heads and global key appointment holders.

The SRFB’s commitment to Singapore’s financial stability will also be considered. This will depend on whether the foreign bank is a significant lender in the city based on headcount and whether it has a Singaporean group as a substantial shareholder.

It should also exhibit “strong commitment to Singapore’s economy and financial markets , such as if the bank is also an MAS Primary Dealer, leads and participates in key industry initiatives or associations, and is committed to develop new business lines and deepen existing business lines in Singapore”.