, Singapore

Chinese banks pursue full bank licenses in Singapore

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.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

China banking focuses on credit structure optimisation
PwC said the sector needs to continue to implement strategic initiatives.
Markets
Overseas expansion impacts Korean banks’ OE score
Despite Korea's high GDP per capita, the current level suggests there's still room for improvement.
Markets
Nium, Thredd expand virtual card partnership
The two fintech companies have issued 86 million virtual cards worldwide.