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A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.
Citibank was among the first four foreign banks to be awarded a Qualifying Full Bank (QFB) licence by the Monetary Authority of Singapore (MAS) in 1999. In June 2002, Citibank was the first QFB-licensed bank in Singapore to offer the Visa global debit service, and the following July it was the first in Singapore to introduce a debit card ...
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.
DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July ...
Rather than being drawn from the funds in a personal account, a cashier’s check is paid out directly from the bank’s funds. This way, the recipient knows that the funds are guaranteed, and the ...
Bank of Singapore is the private banking arm and a wholly owned subsidiary of Oversea-Chinese Banking Corporation (OCBC), Southeast Asia’s second largest bank. Formerly known as ING Asia Private Bank , it was acquired by OCBC in 2009 from ING Group for US$ 1.46 billion. [ 3 ]
[7] [8] Such external assets consists of all or any of the following: [9] (a) gold and silver in any form; (b) foreign exchange in the form of demand or time deposits; bank balances and money at call; Treasury Bills; notes or coins; (c) securities of or guaranteed by foreign governments or international financial institutions; (d) equities; (e ...
The bank received its Qualifying Full Bank (QFB) licence in October, 1999, being one of the first foreign bank to qualify for the licence. [ 4 ] The bank (Standard Charted (Singapore) Limited) was officially incorporated in 2013 to handle Standard Chartered's Singapore Consumer Banking retail and SME banking business. [ 5 ]