MONETARY INTERMEDIATION

This sub-class includes: - issuing and/or managing the country's currency (including cryptocurrency) - monitoring and/or control of the money supply - conducting of monetary policy - taking deposits that are used for clearance between financial institutions - supervising banking operations - oversight of payment systems - serving as banker and/or financial agent to the government - holding the country's international reserves

This sub-class includes all local and/or foreign banks that hold a Full Bank license granted by the Monetary Authority of Singapore under the Banking Act which permits them to conduct the whole range of banking services.

This sub-class includes foreign banks that hold a Wholesale Bank license and operate within the Guidelines for Operations of Wholesale Banks issued by the Monetary Authority of Singapore. Wholesale banks may engage in the same range of banking business as full banks, except they do not carry out Singapore Dollar retail banking activities.

This sub-class includes banks that are approved under the Monetary Authority of Singapore (MAS) Act and operate within the Guidelines for Operation of Merchant Banks. Typical activities include corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, consultancy and/or other fee-based activities.

This sub-class includes finance companies that are licensed by the Monetary Authority of Singapore (MAS) and governed by the Finance Companies Act. These units are involved in providing fixed and/or saving deposits as well as credit facilities to individuals and/or corporations. Units in this sub-class may not: - offer deposit accounts which are repayable on demand by cheque, draft or order - grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5, 000 - deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities