What has happened?
The Monetary Authority of Singapore (MAS) announced that it had received 21 applications for digital bank licences by the end of 2019, including seven for digital full bank licences and 14 for digital wholesale bank licences.
What does this mean?
MAS said that this digital bank licences attracted interest from a wide range of applicants, including e-commerce firms, technology and telecommunications companies, FinTechs (such as crowd-funding platforms and payment services providers) and financial institutions.
The majority of applicants was consortiums.
MAS said that it will evaluate all eligible applications based on their value propositions including the innovative use of technology to serve customer needs, their ability to manage a prudent and sustainable digital banking business, and their contributions to Singapore’s financial centre.
Successful applicants will be announced in June 2020 and are expected to commence business by mid-2021.
Please let us know if you have any questions on this development or need any help applying for a digital bank licence in Singapore.