Regulatory Alerts2021-06-25
Added · Updated
Notice on Lending of Singapore Dollar to Non-Resident Financial Institutions
MAS Notice 816 governs the lending of Singapore Dollars by finance companies to non-resident financial institutions, cancelling the previous version dated March 2002. Finance companies may lend up to S$5 million per entity without restriction, but for amounts exceeding this threshold, proceeds used outside Singapore must be swapped or converted into foreign currency upon draw-down and must not be used for currency speculation. Additionally, finance companies are required to report their aggregate outstanding S$ lending monthly to MAS within 10 working days after the reporting month and maintain documentary evidence for audit purposes.
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