The Monetary Authority of Singapore shortlists 14 applicants for digital bank licences

Friday 19 June 2020 14:06 CET | News

Singapore’s central bank has shortlisted 14 applicants for up to five digital bank licences on offer in the city.

The shortlist, out of the 21 applications received, comprises five digital full bank applicants and nine digital wholesale bank applicants who will now move to the next round of the selection process according to the Monetary Authority of Singapore (MAS). MAS did not provide names of the shortlisted applicants. It aims to issue up to two retail licences and three wholesale licences.

The MAS said in a statement applicants will next be shortlisted based on criteria such as their value proposition and business model, their ability to manage a sustainable digital banking business, growth prospects, and contribution to Singapore's financial centre.

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Keywords: Singapore, digital bank, bank, digital, Monetary Authority of Singapore, MAS, retail
Categories: Banking & Fintech
Countries: Singapore
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