Chinese officials urged Singapore to consider issuing Qualifying Full Bank licenses to the Singapore branches of two Chinese banks, the Bank of China and the Industrial and Commercial Bank of China.
The QFB license will allow a foreign bank to open up to 25 branches and off-site ATMs in Singapore.
Foreign banks in Singapore have different categories of licenses in Singapore. The BOC, which has been operating in Singapore for decades, has a Full Bank license now with seven branches. The ICBC have a wholesale banking license that does not allow it to offer retail banking products and services.
The full story is available at Xinhua News.
Do you know more about this story? Contact us anonymously through this link.