Singapore to licence neobanks and wholesale banks

Wednesday 11 March 2020 14:50 CET | News

Singapore’s regulatory authority has announced that in June 2020 they will issue operational licences to three neobanks in order to provide better services to underbanked enterprises.

The Monetary Authority of Singapore (MAS) confirmed in 2019 that it will accept applications for five new digital banking licenses. Licensees need to have USD 1.5 billion in paid-up capital. They must establish head offices in Singapore and must be managed by a local business interest.

The MAS will also issue licenses for new virtual wholesale banks. The applicants interested in a wholesale license include Chinese Fintech Ant Financial, TikTok, and two Singapore-based internet service providers, Sea and Razer.
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Keywords: digital banking, Singapore, fintech, MAS, Ant Financial, TikTok, licences, neobanks, Monetary Authority of Singapore
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech