The Monetary Authority of Singapore (MAS) will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses.
Singapore Telecommunications, Grab and Razer, have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license.
Founded in 2014, Instarem processes billions of dollars a year for banks, payments institutions and retail users across the world. It is backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures.
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