Singapore Kicks off Digital Banks Application Process, Unveils Rules

Singapore, digital, banks

Singapore’s central bank kicked off the application process for up to five new digital bank licenses and issued detailed guidelines for potential contenders. The entry of new players could lead to the biggest shake-up in two decades in a market dominated by local banks DBS Group Holdings Ltd, Oversea-Chinese Banking Corp, and United Overseas Bank Ltd.

“The new digital bank licenses, which will be extended to non-bank players, will ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant,” the Monetary Authority of Singapore (MAS) said in a statement. The MAS plans to issue licenses for up to two full digital banks and up to three digital wholesale banks.

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