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Payments General

Singapore to issue digital banking licenses to non-banks

Wednesday 3 July 2019 | 11:46 AM CET

Monetary Authority of Singapore has announced it will issue five digital bank licenses to non-bank company to strengthen competition in financial services.

The Monetary Authority of Singapore (MAS) will invite applications from non-banks in August 2019 for the five digital banking licenses. The MAS set two categories for digital banks: up to two digital full-bank licenses for firms headquartered in Singapore and controlled by Singaporeans which allow licensees to provide a wide range of financial services and take deposits from retail customers, and an additional three licenses for digital wholesale banks which will be open to both local and foreign players. The second category is limited to corporate lients only, and not for the retail market, the MAS said.

To be eligible for full bank licenses, foreign companies must form a joint venture with a Singapore company. Application for digital wholesale bank licenses is open to all companies.

Singapore Telecommunications Ltd., Grab and Razer Inc. said they would consider this opportunity. Gaming company Razer already processes digital payments and has an e-wallet service in Malaysia with a Singapore app coming soon.

More: Link
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