Regulatory Alerts2004-12-22
Added · Updated
MAS Notice 603: Branches, Places of Business and Automated Teller Machines
Qualifying full banks are limited to 25 places of business, with specific exclusions for ATM sharing arrangements and provisions for new entrants restricted to one location unless retail operations are incorporated in Singapore. Foreign full banks that are not qualifying full banks are prohibited from increasing their number of places of business, while wholesale banks are restricted to a single location. The notice prohibits non-qualifying foreign banks from installing off-premise ATMs, permitting ATM network access by other foreign banks, or providing debit services on EFTPOS networks, and requires written notification to the Authority within 7 days of setting up or relocating a place of business.
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