55ZB. Application of provisions in Part 3

Amended

Last amended by an amending law of 2020.

(1)

Subject to section 55R and the modifications specified in subsection (2), sections 8, 10, 10A, 10B, 10C, 11A, 12, 13, 19 and 21 apply to or in relation to a merchant bank as those provisions apply to or in relation to a bank.

(2)

The modifications mentioned in subsection (1) are —

(a)

subsection (2) of section 8 is omitted;

(b)

the reference in section 10(1) to section 9 or 9A is to section 55T;

(c)

the reference in section 10(1) to capital funds required to be maintained by a bank in Singapore is to capital funds required to be maintained by a merchant bank in Singapore;

(d)

the reference in section 10B(2)(f)(ii) to a major stake as defined in section 32(7) is to a major stake as defined in section 55ZF(2)(a);

(e)

the reference in section 11A to the Authority’s refusal to grant a bank licence under section 7(3) is to the Authority’s refusal to grant a merchant bank licence under section 55S(3)(b);

(f)

the reference in section 12(1) to any business referred to in subsection (2) of section 12 is to any business whatsoever;

(g)

subsection (2) of section 12 is omitted; and

(h)

the reference in section 21(1) to section 20 is to section 55ZA.

Terms defined in this Act

Authority
Defined · s 2
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
Open s 2
bank
Defined · s 2
“bank” means any company which holds a valid bank licence under section 7 or 79;
Open s 2
bank in Singapore
Defined · s 2
“bank in Singapore” means —(a)a bank incorporated in Singapore; or(b)in the case of a bank incorporated outside Singapore, the branches and offices of the bank located within Singapore;
Open s 2
business
Defined · s 48A
“business” includes affairs and property;
Open s 48A
capital funds
Defined · s 2
“capital funds” means —(a)in the case of a bank incorporated in Singapore —(i)in sections 31 and 33, its capital used for the purposes of complying with the capital adequacy requirements imposed under section 10; or(ii)in other sections of the Act, the aggregate of its paid‑up capital (excluding any amount represented by treasury shares) and its published reserves (excluding such reserves as the Authority may specify by written notice), deduction having been made for any loss appearing in the accounts of the bank;(b)in the case of a bank incorporated outside Singapore or a merchant bank incorporated outside Singapore, such net head office funds and such other liabilities as the Authority may, by written notice, specify; or(c)in the case of a merchant bank incorporated in Singapore, the aggregate of its paid‑up capital (excluding any amount represented by treasury shares) and its published reserves (excluding any reserves that the Authority may specify by written notice), deduction having been made for any loss appearing in the accounts of the merchant bank;
Open s 2
licence
Defined · s 2
“licence” means —(a)a bank licence granted or held under section 7 or 79; or(b)a merchant bank licence granted under section 55S or treated as having been granted under section 64 of the Banking (Amendment) Act 2020;
Open s 2
merchant bank
Defined · s 2
“merchant bank” means any company —(a)that holds a valid merchant bank licence granted under section 55S; or(b)that is treated as having been granted a merchant bank licence in accordance with section 64 of the Banking (Amendment) Act 2020;
Open s 2
merchant bank in Singapore
Defined · s 2
“merchant bank in Singapore” means —(a)a merchant bank incorporated in Singapore; or(b)in the case of a merchant bank incorporated outside Singapore, the branches and offices of the merchant bank located in Singapore;
Open s 2

Report

Read on from s 55ZC

Part 8

Credit Card and Charge Card Businesses

Read on from Part 8

Part 9

Miscellaneous

Read on from Part 9

Schedules

Read on from Schedules

Details

Banking Act 1970 · s 55ZB

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Judgments that cite this Act

21 in all

Banking secrecy limits what a bank must disclose, but not what a party must SummaryRe Arief Purwada (in his capacity as the administrator of the estate of Indriaty Purwada, deceased) and others and other matters (UBS AG and others, non-parties) · [2026] SGHC 184
A sentence of imprisonment for arranging bail indemnities for others stood on appeal SummaryKatchu Mohideen Bazeer Ahamed v Public Prosecutor · [2025] SGHC 192
United Overseas Bank Ltd v Lippo Marina Collection Pte Ltd and others[2016] SGHC 23

Where this comes from

Singapore Statutes Online · Banking Act 1970, 2020 Revised Edition. Reader record updated on 7 Oct 2026.

Singapore legislation is Government copyright, used with the permission of the Attorney-General’s Chambers. Check Singapore Statutes Online for the latest version.

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