Two Chinese banks get banking licenses in Singapore

Singapore has granted full banking licenses to two Chinese banks, allowing them to have greater access to the Singapore market.

After getting the qualified full bank (QFB) status, the Bank of China and Industrial and Commercial Bank of China (ICBC) can open as many as 25 branches and offer services, including accepting retail deposits in Singapore, the two banks told Xinhua Monday.

The move is part of an agreement, made in July, to enhance banking services cooperation under the existing China-Singapore Free Trade Agreement.

According to the agreement, the China Banking Regulatory Commission will accelerate the process of applications made by Singapore banks for the establishment of branches in China.

Some 116 foreign banks operate in Singapore, and eight of them were previously registered as QFBs.