Singapore—cross border banking and finance guide
Produced in partnership with Wong Partnership
Last updated on 27/07/2020

The following Banking & Finance practice note produced in partnership with Wong Partnership provides comprehensive and up to date legal information covering:

  • Singapore—cross border banking and finance guide
  • Loan market and developments
  • Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments.
  • Please provide a brief overview of forthcoming changes to the law or other matters that may affect the loan markets or the responses to the questions below.
  • Lending
  • Is it necessary to obtain any consents or licenses in order to lend in your jurisdiction or enforce rights under a loan agreement and if so what is the process for obtaining the consent or license? Are there any other restrictions on lending that foreign lenders should be aware of?
  • Are there any taxes, duties or other charges associated with making loans to entities that are incorporated in your jurisdiction?
  • Are there any restrictions, controls, fees, taxes or charges on foreign exchange in your jurisdiction?
  • How is debt normally transferred in your jurisdiction?
  • Security and guarantees
  • More...

Singapore—cross border banking and finance guide

Loan market and developments

Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments.

Singapore is an established financial centre of international repute, with a legal system that is based on the English common law. According to the website of the Singapore Central Bank (the Monetary Authority of Singapore (MAS)), as at May 2020, there were about 130 commercial banks in Singapore and many other financial institutions. Apart from Singapore-based companies, many businesses in the region seek financing from banks operating from their Singapore offices.

In addition to loans, banks in Singapore offer a broad range of financial services including investment banking and treasury services.

Banks with significant retail operations and banks which are systemically important to Singapore may be required by the MAS to incorporate locally.

The Companies Act provisions regarding financial assistance were significantly amended with the rules, as described below, having taken effect from 1 July 2015.

Please provide a brief overview of forthcoming changes to the law or other matters that may affect the loan markets or the responses to the questions below.

On 31 March 2017, amendments to the Singapore Companies Act came into force which have the effect of making it no longer mandatory for Singapore-incorporated companies to use their metal impressed seal (referred to as

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