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Online Business Licensing Service (OBLS) is a one-stop portal for applying for the required Singapore government licences in a single online transaction. The service routes all applications to various government agency for processing. The World Bank has ranked Singapore first in the Ease of Doing Business Index. The OBLS system contributes to ...
The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance and manages the foreign-exchange reserves.
There are a number of sectors in which banks may be involved. The general bank license allows a bank to engage in all banking activities, such as retail banking, merchant acquiring, cash management, asset management and trading. An applicant can apply for a limited banking license, such as an offshore banking license. [2]
Singapore authorities on Friday announced new measures to tackle money laundering, including inter-agency data-sharing, striking off of inactive companies and channels and programmes to get ...
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
Seasoning requirements can also apply to getting a loan after bankruptcy or foreclosure, and to mortgage refinances. For mortgages, money becomes "seasoned" after it's been in an established ...
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The requirements for the issue of a bank license vary between jurisdictions but typically include: Minimum capital; Minimum capital ratio 'Fit and Proper' requirements for the bank's controllers, owners, directors, or senior officers; Approval of the bank's business plan as being sufficiently prudent and plausible.