MAS invites applications for new digital bank licences
05 Sep 2019
The Monetary Authority of Singapore (“MAS”) announced on 29 August 2019 that it will begin accepting applications for new digital bank licences. Interested parties have until 31 December 2019 to submit their applications. The new digital bank licences, which will be extended to non-bank players, will ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant. Digital full banks will be allowed to take deposits from and provide a wide range of financial services to retail and non-retail customer segments, while digital wholesale banks will be permitted to serve SMEs and other non-retail segments. These new digital banks are in addition to any digital banks that Singapore banking groups may already establish under MAS’ existing regulatory framework. This update discusses the application process and assessment criteria for applicants of digital bank licences.
Read more on the update here.