S$1.5bn capital requirement no bar to incorporating Singapore retail operations

The attractions of Singapore’s retail market means MAS’s requirement for international banks to incorporate their local operations will be adhered to


The move by the Monetary Authority of Singapore (MAS) to require foreign banks to set up a local incorporated subsidiary with a minimum of S$1.5 billion (US$1.2 billion) in paid-up capital will not be a major obstacle, say market participants.

On June 29, MAS proposed changes to the qualifying full bank (QFB) programme requiring foreign banks to locally incorporate their retail operations to safeguard domestic retail depositors.

QFBs are currently able to operate from 25 business locations in

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