"In the area of financial services, Singapore's laws do not distinguish operationally between foreign and domestic banks, except in retail banking. Foreign retail banks are subject to limitations on the number of places of business (branches and ATMs) that they may operate. Those foreign retail banks benefiting from Qualifying Full Bank (QFB) privileges are allowed to operate a total of 25 places of business and may enter into a mutual agreement to share one ATM network. Ten foreign full banks have been awarded QFB privileges (end-2015).[...] There are no foreign ownership ceilings for local banks and finance companies as the MAS removed foreign shareholding limits on local banks and finance companies in 1999 and 2002, respectively. Nonetheless, the Government of Singapore maintains that it will not allow a foreign takeover of its three local financial institutions [these are: TDBS Bank Limited, United Overseas Bank (UOB) Limited, Overseas-Chinese Banking Corp (OCBC) and their respective banking subsidiaries in Singapore]." (WTO Trade Policy Review of Singapore, 2016).

Amendment introduced in 2020 implements QFBs capped at 25 places, no branch distinction. Paragraph 6 deleted, 6A clarifies Authority's discretion on place exclusion or consolidation for ATM sharing. Before 2020, QFBs limited to 15 places, with a maximum of 10 branches. Post-2005, the limit increased to 25 places, with no restriction on the number of branches. 2004-2020 definition included offshore banks as "foreign bank", therefore 2020 amendment narrows the scope leaving out offshore banks.
"Definitions
3 For the purposes of this Notice— [...]
"foreign bank" means any foreign full bank or wholesale bank;
"foreign full bank" means – (a) any branch or office of a full bank incorporated outside Singapore which is located within Singapore; or (b) any full bank which is incorporated in Singapore with its holding or ultimate holding company incorporated outside Singapore; 
"full bank" means any bank holding a licence granted by the Authority under the Act which permits the bank to carry on the full range of banking business; [...]
"qualifying full bank" means any foreign full bank which is accorded qualifying full bank privileges;
[...]
Limit on the number of places of business
Qualifying full banks ("QFBs")
5 A QFB must not have more than 25 places of business.
6 [deleted]
6A The Authority may, on the application by any QFB— (a) exclude a place of business from the application of the limit on the number of places of business that the QFB may establish; or (b) where the QFB is not subject to a limit on the number of places of business that it may establish, allow the QFB to treat two or more of its places of business as one, for the purpose of ATM sharing agreements with other QFBs, subject to such conditions or restrictions as the Authority think fit.[...]"(MAS Notice 603, "BRANCHES, PLACES OF BUSINESS AND AUTOMATED TELLER MACHINES", 22 December 2004 as amended on 25 August 2020)
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"Limit on the number of places of business
Qualifying full banks ("QFBs")
5  Subject to paragraph 6, a QFB shall not have more than 15 places of business, of which a maximum of 10 may be branches. 
6  With effect from 1 January 2005, a QFB may increase the number of its places of business, including branches, up to a maximum of 25. For the avoidance of doubt, the limit on the maximum number of branches set out in paragraph 5 shall no longer apply. 6A  6B  The Authority may, on the application by any QFB— (a) exclude a place of business from the application of the limit on the number of places of business that the QFB may establish; or (b) where the QFB is not subject to a limit on the number of places of business that it may establish, allow the QFB to treat two or more of its places of business as one, for the purpose of ATM sharing agreements with other QFBs, subject to such conditions or restrictions as the Authority think fit.  [MAS Notice 603 (Amendment) 2008] [...]" (MAS Notice 603, "BRANCHES, PLACES OF BUSINESS AND AUTOMATED TELLER MACHINES", 22 December 2004 as amended on on 1 December 2013)
MAS Notice 603, "BRANCHES, PLACES OF BUSINESS AND AUTOMATED TELLER MACHINES", 22 December 2004, Last revised 25 August 2020
MAS Notice 603, "BRANCHES, PLACES OF BUSINESS AND AUTOMATED TELLER MACHINES", 22 December 2004, as amended on 1 December 2013
[<a href="https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing/Commercial-Banks/Regulations-Guidance-and-Licensing/Notices/MAS-Notice-603_25082020.pdf">Notice</a>],[<a href="https://www.wto.org/english/tratop_e/tpr_e/s343_e.pdf">TPR</a>],[<a href="https://www.mas.gov.sg/-/media/MAS/Notices/PDF/MAS-Notice-603_29-Nov-2013.pdf">Notice</a>]