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Important Information

New Bank Identifier Code (BIC) and Bank Code for Standard Chartered Bank (Singapore) Limited

Following an earlier notice in June 2019, please be reminded that Standard Chartered Bank Singapore Limited (“SCBSL”) has been operating under a new Bank Identifier Code (“BIC”), SCBLSG22 and Bank Code, 9496 since 8 July 2019 for all Interbank GIRO, Fast and Secure Transfers (“FAST”), Pay Now, MAS Electronic Payment System (“MEPS”) and Telegraphic Transfer transactions intended for accounts with SCBSL.

Please note that any FAST or Interbank GIRO transactions received under the old BIC after 26 June 2020 will be rejected.

To ensure that all transactions to your account(s) are processed successfully, please request the remitter to select the new BIC code while initiating new fund transfers to your SCBSL account(s).

Refer to the table below for more information:

Bank Full Name Standard Chartered Bank (Singapore) Limited
渣打银行(新加坡)有限公司
Businesses • Retail Banking (including Wealth)
• Business Banking
• Corporate and Institutional Banking
• Private Banking
• Commercial Banking
SWIFT BIC SCBLSG22
Bank Code 9496
FAST / Interbank GIRO / PayNow Bank Description (Online / Mobile / ATM Channel) Standard Chartered Bank Singapore or
Standard Chartered Bank (Singapore) Limited(SCBLSG22)

 

FAQS

Q. Why are the changes made to the Bank Identifier Code (BIC)?
A. In May 2019, Standard Chartered Bank completed the transfer of its Commercial Banking, Corporate & Institutional Banking and Private Banking businesses from its Singapore branch to its local subsidiary, Standard Chartered Bank (Singapore) Limited (“SCBSL”). All of the Bank’s businesses, including its Retail Banking business, are now operating under SCBSL.

 

In line with that, a new infrastructure was onboarded to allow SCBSL to process local clearing services using its own BIC, SCBLSG22, starting from 8 July 2019. SCBSL has been operating fully under this new BIC and Bank Code 9496 since then.

This means that all fund transfers to your SCBSL accounts, including Interbank GIRO, Fast and Secure Transfers (“FAST”), PayNow, MAS Electronic Payment System (“MEPS”) and Telegraphic Transfer, must use the new BIC and Bank code.

Please note that any FAST or Interbank GIRO transactions received under the old BIC after 26 June 2020 will be rejected.

 

Q. How will this affect my inward payments? Will there be any rejections?
A. All payment transactions since 8 July 2019 would have had to use the new BIC (SCBLSG22), which is applicable to all new fund transfers to accounts with SCBSL, such as FAST, Interbank GIRO, MAS Electronic Payment System (“MEPS”) and Telegraphic Transfer (“TT”).

Please note that any FAST or Interbank GIRO transactions received under the old BIC after 26 June 2020 will be rejected.

Q. What happen if my payers initiate a FAST and/or IBG payment to SCB Branch BIC (SCBLSGSG) on 26 June 2020?
A. FAST and IBG transactions initiated after 26 June 2020 to the old BIC (SCBLSGSG) will be rejected.
Q. If I am expecting an inward payment to my Standard Chartered Bank account from another bank via online fund transfer, which Bank name should the sender choose?
A. The remitter should select “Standard Chartered Bank Singapore” or “Standard Chartered Bank (Singapore) Limited” when adding you as a payee via online or mobile banking.
Q. Has Standard Chartered Bank notified the partner banks about the BIC change?
A. Yes, Standard Chartered Bank has notified the clearing houses and all the partner banks since March 2020 about the termination plan. We are also continuously communicating with the partner banks to ensure they make the switch in time to minimise any disruptions to your business operations.
Q. If I have regular or standing incoming remittances (for e.g. salary crediting) into my account, what actions do I need to take?
A. For Local SGD transfers: No action is required of you. All partner banks have been informed about the termination of our old BIC and should have updated their payee and Interbank GIRO records with our new BIC (SCBLSG22) by 8 July 2019. If a fund transfer fails, please check that the new BIC (SCBLSG22) is selected. Otherwise, contact the remitter bank for assistance.

For International Remittances: Please request your remitter to use the new BIC (SCBLSG22).

For further assistance, please contact our contact centre at +65 6747 7000.

Q. Will I have to make changes to existing account payees of other Standard Chartered Bank (Singapore) Limited accounts that I have already set up through Online Banking or SC Mobile?
A. No, there is no change to your existing account payee setup.
Q. Will this impact PayNow transfers to clients of SCBSL?
A. We have made the changes centrally for all PayNow transfers to clients of SCBSL and no further action is required of you.
Q.
How will this affect my outgoing payments (new and existing)?
A. There will be no impact to your outgoing payments and they will continue to be processed by Standard Chartered Bank (Singapore) Limited using the new BIC (SCBLSG22). No action is required of you.
Q. If I have a Direct Debit mandate set up with my vendors to debit my Standard Chartered Bank account on a monthly basis, what actions can I take to ensure my payments will go through?
A. Billing organisations / merchants’ banks have been notified of the change and should have made the necessary changes by 26 June 2020. Please notify the billing organisations / merchants that they should select either “Standard Chartered Bank Singapore” or “Standard Chartered Bank (Singapore) Limited” (BIC – SCBLSG22) for successful Direct Debit Collection on existing mandate.
Q. If the IBG/FAST payments are rejected, what are the alternate ways to continue my payment arrangements with payers?
A. For IBG, please inform your payers to update their records with the paying banks – from SCBLSGSG to Standard Chartered Bank (Singapore) Limited BIC (SCBLSG22).  You can either re-initiate the collection in the next payment cycle or accept the payment in other payment modes in the meantime.

For FAST, please inform your payers to update their records of payee details – from SCBLSGSG to Standard Chartered Bank (Singapore) Limited BIC (SCBLSG22) and then re-initiate the payment.

Q. There will be a termination of IBG and FAST BIC code, will payments using Real Time Gross Settlement (RTGS) and Book Transfer be impacted? 
A. Please inform your payers to update their records and select Standard Chartered Bank (Singapore) Limited BIC (SCBLSG22) when initiating payments. The corresponding bank name is “Standard Chartered Bank Singapore” or “Standard Chartered Bank (Singapore) Limited”.