Singapore to Amend and Level Playing Field for Cross-Border Financial Business Arrangements (September 2021)
A new regulatory framework in Singapore has recently been implemented for cross-border financial business arrangements between Singapore financial institutions (FIs) and their overseas offices. Previously, the regulatory framework for such arrangements depended on the type of entity that was delivering the service to customers in Singapore. Foreign branches of Singapore FIs in such arrangements were subject to more stringent conduct and representative requirements, compared to foreign related corporations (FRCs) of Singapore FIs in such arrangements. This has just changed.