Singapore plans to issue five digital bank licences

0 Comment(s)Print E-mail Xinhua, June 29, 2019
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SINGAPORE, June 28 (Xinhua) -- The Monetary Authority of Singapore (MAS) said in a press release on Friday that it will issue up to five new digital bank licences, so as to extend digital bank licenses to non-bank players.

It said that the issuance is in addition to any digital banks that the Singapore banking groups may also establish under the existing internet banking framework introduced in 2000.

The five new digital bank licences will comprise two digital full bank licences, which allow licensees to provide a wide range of financial services and take deposits from retail customers; and three digital wholesale bank licences, which allow licensees to serve SMEs and other non-retail segments.

The authority said that it expects to invite applications for the new licenses this August. Application for digital full bank licences is open to companies headquartered in Singapore and controlled by Singaporeans, and application for digital wholesale bank licences is open to all companies.

Foreign companies are eligible for these full bank licences if they form a joint venture with a Singapore company, and the joint venture meets the headquarter and control requirements, it added.

According to the MAS, the entry of new digital players will add diversity and strengthen Singapore's banking system in the digital economy of the future. Enditem

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