Singapore extends period for approving digital bank licences

Thursday 9 April 2020 12:21 CET | News

The Monetary Authority of Singapore (MAS) has extended the assessment period for approving digital bank licences, citing the global escalation of the COVID-19 pandemic.

Successful applicants will be informed in the second half of 2020 instead of in June, as originally intended.

In January 2020, MAS released an update that it had received 21 applications for digital bank licences and planned to announce the successful applicants in June.

The delay will allow applicants to manage the immediate impact of the COVID-19 pandemic on their businesses. It will also enable MAS to focus resources on ensuring monetary and financial stability, and ensuring that financial institutions remain resilient and able to perform their role in supporting businesses and individuals through the pandemic.

In 2019, MAS announced it would issue up to five digital banking licences to non-bank players. Of these, up to two of the licences will be for digital retail banking and another three will be issued for digital wholesale banking.

One of the companies that already applied for the licence is China-based Ant Financial, which aims at a digital wholesale banking licence, as part of its commitment to ‘promoting financial inclusion globally’.

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Keywords: Singapore, digital bank, licence, COVID-19, MAS, retail, wholesale, China, Ant Financial
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech