Bank of China Singapore Branch acquired Qualifying Full Bank License (QFB) issued by Monetary Authority of Singapore on October 5, thus becoming the 9th commercial bank with QFB among 116 foreign banks in Singapore at present.
This July, governments of China and Singapore signed exchange of notes for the purpose of enhancing such matters as bank cooperation under the bilateral Free Trade Agreement. In accordance with the contents in the notes, qualified Chinese-funded banks in Singapore will acquire QFB, thus allowed to expand the number of branches (physical branch or electronic branch) to 25 and join in the local ATM network.
It has been 76 years since the Bank of China Singapore Branch was founded in 1936. As the oldest Chinese-funded bank in Singapore, it has 6 outlets. The Branch undertakes Bank of China’s significant functions on bulk commodities’ financing business, Forfaiting business, bank card business as well as wealth management business in ASEAN areas.
Bank of China Singapore Branch will further develop the local market and improve customer service level to promote the Sino-Singapore business and trade cooperation.
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