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ideal.dbs.com |
From 13 May 2019 onwards, Standard Chartered Bank (SCB) Singapore has fully consolidated and transferred its business in Singapore from Standard Chartered Bank, Singapore Branch (“Branch”) to Standard Chartered Bank (Singapore) Limited (“Subsidiary”). The Subsidiary will use the new BIC “SCBLSG22XXX” and Bank Code “9496” for Standard Chartered Bank (Singapore) Limited’s transactions settlement.
In addition, industry conversion of all Direct Debit Authorisation (DDA) and Standing Instructions (SIs) for SCB accounts into the new bank code/SWIFT BIC will be completed by 8 July 2019.
These changes affect transfer of funds made to Standard Chartered Bank (Singapore) Limited, and is applicable to the following payment types: Fast and Secure Transfers (FAST), inter-bank GIRO, MAS Electronic Payment System (MEPS), PayNow Transfers and SGD Telegraphic Transfers.
What you need to know:
| • | All payments/collections to Standard Chartered Bank (Singapore) Limited using old SWIFT code/bank code will still be honoured by SCB for 2-3 months after 8 July 2019 (date for decommission of old SWIFT code will be announced later). For best practice, kindly update the SWIFT BIC to “SCBLSG22XXX” for your customers’ Standard Chartered Bank (Singapore) Limited accounts. |
| • | From 8 July 2019 onwards, only Standard Chartered Bank (Singapore) Limited will be available on IDEAL. Standard Chartered Bank, Singapore Branch will be removed from the bank selection list. |
| • | As part of the industry conversion, DBS will help clients update the SWIFT BIC in the existing transaction templates and beneficiary list on IDEAL for all SCB payees by 8 July 2019; |
| • | For payments/collections via file based submissions via IDEAL or IDEAL Connect, kindly use new SWIFT BIC “SCBLSG22XXX” for Standard Chartered Bank (Singapore) Limited’s accounts. |
| Bank | Standard Chartered Bank, Singapore Branch | Standard Chartered Bank (Singapore) Limited NEW | ||||||||||
| Business Segment | SCB Singapore has fully consolidated and transferred its business in Singapore from the Branch to the Subsidiary. |
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| SWIFT Bank Identifier Code (BIC) | SCBLSGSGXXX | SCBLSG22XXX
New SWIFT Code |
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| Bank Code | 7144 | 9496 New Bank Code |
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DBS Bank Ltd Co. Reg. No.: 196800306E July 2019