Significantly Rooted Foreign Bank (SRFB)

Standard Chartered PLC is planning its second digital-only bank in Asia, teaming up with a unit of Singapore’s biggest labor union, according to people familiar with the matter.

The Monetary Authority of Singapore (MAS) has enhanced its Significantly Rooted Foreign Bank (SRFB) framework, which allows qualifying full banks (QFBs) that have deep roots in Singapore, to operate additional places of business (POBs).