Singapore, 16 Dec 2002 Monetary Authority of Singapore. The Monetary Authority of Singapore (MAS) has re-opened applications for Wholesale Bank (WB) licences.
This follows the announcement of its banking liberalisation programme of 29 June 2001, when MAS stated that it would grant 20 WB licences over the next two years. The remaining seven WB licences are now available for application. This move is in line with the shift by MAS from a three-tier bank licensing regime ' Full, Restricted and Offshore ' towards a more streamlined, two-tier licensing regime of Full and Wholesale Banks.
Applications for WB licences are open to offshore banks wishing to do more business in the Singapore dollar banking market or new banks that meet MAS' licensing criteria. Applicants will be assessed on their financial strength and commitment to Singapore's financial sector. All applications should reach MAS by 15 March 2003.