Application for Merchant Bank
Monetary Authority of Singapore (MAS)
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Licensing and Authorisation for Banking Business
Financial institutions (FIs) wishing to conduct banking business in Singapore must meet MAS' admission criteria and receive written authorisation from MAS to set up a wholesale bank or merchant bank in Singapore.
MAS takes the following factors into consideration when assessing an FI's application to conduct banking business:
- Financial soundness, track record, world ranking and reputation of the FI, parent company and major shareholders.
- Strength of home country supervision, including the willingness and ability of the home supervisory authority to cooperate with MAS, and its framework for cross-border cooperation.
- Written consent from the home country supervisory authority for the establishment of a banking operation in Singapore.
- Well-thought strategy for banking and financial services in Singapore, and sound business plans to ensure sustained economic viability.
- Robust risk management systems and processes that are commensurate with the FI's size and proposed business.