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Five Singapore digital banking licenses to go to non-bank firms

( July 1, 2019, 01:27 GMT | Official Statement) -- MLex Summary: Singapore's central bank chairman announced late on Friday that the bank will issue up to five new digital bank licenses to non-bank companies, in addition to any digital banks that Singapore banking groups may also establish under the existing Internet banking framework. The Monetary Authority of Singapore plans to open applications in August for two digital full banking licenses to companies headquartered in Singapore and controlled by Singaporeans, and applications for up to three digital wholesale banking licenses — which will allow licensees to serve SMEs and other non-retail businesses — to all companies.The MAS's statement follows: ...

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