OBS_VALUE: Foreign banks with full bank licences can only operate a limited number of branches and automated teller machines (ATMs). The qualifying full bank (QFB) scheme allows foreign banks to operate at more locations and have another priviledges. As from 2012, the QFBs that are important to the domestic market are required to locally incorporate their retail operations. Also as from 2012, new QFBs that were granted under future FTA offers had to first locally incorporate before establishing up to 25 places of business. As from 2018, systemically important banks with a significant retail presence in Singapore are mandated to be locally incorporated. Also, as from 2018, the Monetary Authority of Singapore may, by notice in writing to a bank incorporated outside Singapore, direct the bank to transfer the whole or any part of its banking business in Singapore to a company incorporated or to be incorporated by the bank or its parent bank under the Companies Act. See also, MAS media release: https://www.mas.gov.sg/news/media-releases/2015/mas-publishes-framework-for-domestic-systemically-important-banks-in-singapore