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This Notice is issued pursuant to section 28(3) of the Monetary Authority of Singapore Act.
2. No financial institution approved under section 28 of the Act to carry on a business in Singapore of issuing credit cards or charge cards, or both, shall set up any temporary promotion booth or engage in any road show to distribute and receive applications for credit cards and charge cards without the prior approval of the Authority.
3. The Authority would not ordinarily grant its approval for such temporary booths or road shows as it is not consistent with the Authority's longstanding policy to discourage Singapore residents from borrowing excessively.
4. This Notice shall take immediate effect.
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