MAS invites applications for digital bank licences in Singapore
The Monetary Authority of Singapore (the “MAS”) announced on 29 August 2019 that it has opened applications for digital bank licences in Singapore. This marks a new chapter in Singapore's banking liberalisation journey, and ensures the continued resilience, vibrancy and competitiveness of its banking sector. Under the framework, the MAS will issue up to 2 digital full bank licences and up to 3 digital wholesale bank licences to non-bank players in Singapore.
- Digital full banks are permitted to take deposits from and provide banking services to retail and non-retail customer segments.
- Digital wholesale banks are permitted to take deposits from and provide banking services to SMEs and other non-retail segments.
In this client alert, we set out key points of interest on the licence application process and assessment criteria.