Singapore to Amend and Level Playing Field for Cross-Border Financial Business Arrangements
28 September 2021
The regulatory framework in Singapore for cross-border financial business arrangements between Singapore financial institutions (FIs) and their foreign offices at present depends on the type of entity that is delivering the service to customers in Singapore. Foreign branches of Singapore FIs in such arrangements are subject to more stringent conduct and representative requirements, compared to foreign related corporations (FRCs) of Singapore FIs in such arrangements. This is about to change.