Singapore opens applications for new digital bank licences

Friday 30 August 2019 14:05 CET | News

The Monetary Authority of Singapore has invited applications for new digital bank licences.

Up to two digital full bank licences and three digital wholesale bank licences will be issued, with a view to ensuring that Singapore’s banking sector continues to be resilient, competitive and vibrant, according to the The Monetary Authority of Singapore.

Applications close on 31 December 2019 and are open to non-bank players, as long as they meet certain eligibility criteria. MAS will only consider companies that are anchored and headquartered in Singapore and controlled by Singaporeans. They must also meet certain standards concerning business track record, capital commitment, a clear value proposition and a sustainable business model, along with ‘fit and proper’ shareholders, directors and management.

Eligible applicants will be further assessed for the value they bring to under-served segments of the Singapore market, their ability to implement and run the bank, and their growth potential.

There will also be a focus on the contribution made to Singapore’s financial centre, as well as its regional expansion plans. Successful applicants will be announced in mid-2020 and expected to be ready for business by mid-2021.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Singapore, The Monetary Authority of Singapore, digital bank licence, open banking, Asia, APAC; digital banking,
Countries: World