Singapore Dollar Extends Currencies for CLS Settlement

The three major Singapore Banks, Development Bank of Singapore (DBS Bank), Oversea-Chinese Banking Corporation Limited (OCBC Bank) and United Overseas Bank (UOB), have announced they have become shareholders of the CLS Group this month, bringing the total number of shareholders in the CLS Group to 70. The three Singapore banks will in due course apply to become Settlement Members of CLS Bank International. In addition, the Monetary Authority of Singapore (MAS) has announced that it has received in-principle agreement from CLS Group and CLS Bank to include the Singapore Dollar as an eligible currency of CLS Bank.


Related reading

New consumer banking head for Citi Asia Pacific