A top executive of a major local bank says that the Monetary Authority of Singapore (MAS), the island state’s central bank, has softened its stance against Indonesian lenders in what is being viewed as a victory for Bank Indonesia (BI) in its reciprocity lobbying to assist the expansion of Indonesian banks there.
“From their discussions with us, they [MAS] have already become softer,” Sofyan told reporters when asked whether the Singapore central bank had become less restrictive toward Indonesian banks. “It is apparent,” he added.
“If Singaporean banks can tap Indonesia’s market of 240 million citizens, then why are we hindered when trying to do the same to Singapore’s market of two million citizens?” said Sofyan. Full story
