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MAS issues digital banking licences in Singapore

Tuesday 26 January 2021 12:09 CET | News

The Monetary Authority of Singapore (MAS) has announced that four entities were awarded digital banking licenses in early December 2020, according to aseanbriefing.com.

While digital banks offer the same banking services as traditional banks, they operate without a physical setup, enabling customers to control their finances from their computers or smartphones. MAS awarded the licences to:

  • A consortium of Singtel and Grab;
  • Sea Limited;
  • Ant Financial; 
  • A consortium of Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.
There are two types of digital banking licences – digital full bank licence (DFB) and digital wholesale bank licence (DWB). The DFB licence enables an entity to offer deposits, loans, and investment products through its online platform. DFB licence holders can only serve retail and corporate banking services while DWB licence holders can only serve businesses, namely small and medium enterprises (SMEs). MAS expects the four digital banks to commence operations by early 2022. This is the first time Singapore has approved setting up wholly digital banking operations.

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Keywords: Monetary Authority of Singapore, MAS, Singapore, digital banking, licence, Singtel, Grab, banks, Ant Financial, Sea Limited
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Singapore
This article is part of category

Banking & Fintech