Abstract : The Monetary Authority of Singapore (MAS) announced on Tuesday the granting of a qualifying full bank (QFB) license to the China Construction Bank (CCB) under the China-Singapore Free Trade Agreement Upgrade Protocol.
SINGAPORE, Dec. 8 (Xinhua) — The Monetary Authority of Singapore
(MAS) announced on Tuesday the granting of a qualifying full bank (QFB)
license to the China Construction Bank (CCB) under the China-Singapore
Free Trade Agreement Upgrade Protocol.
This is the 10th QFB license granted to foreign banks in Singapore
and the third QFB license to Chinese banks. According to the MAS,
foreign full banks with QFB privileges may undertake universal banking
and operate a total of 25 locations.
CCB Singapore Branch said in a press release that it will set up a
commodity trade financing center, an investment banking transaction
center and a fintech innovation center in the city-state, following the
granting of the QFB license. The three new centers, together with its
existing infrastructure construction service center and private banking
business center, will jointly cover the major service areas of CCB
Singapore Branch in the future.
The other two Chinese banks in Singapore with QFB licenses are the
Bank of China and the Industrial and Commercial Bank of China.
The MAS also announced several initiatives to enhance financial
cooperation between Singapore and China, including RMB cooperation,
cooperation between Singapore and Chinese exchanges, and cooperation in
the fields of digital finance and green finance.
Besides, the authority recognized Zhengzhou Commodity Exchange as a
recognized market operator, allowing investors in Singapore access to
the commodity derivatives markets in China.
Jacqueline Loh, deputy managing director of the MAS, said that
financial services will play a critical role in facilitating a
post-COVID-19 economic recovery, while RMB internationalization and the
further opening-up of China’s capital markets are two key trends shaping
Asia’s financial services landscape over the medium term.
“Singapore can play a useful role in this transformation, while
supporting bilateral growth, and trade and investments between China and
Singapore,” she said. Enditem
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Source: Singapore grants qualifying full bank license to China Construction Bank