New Digital Bank Licences in Singapore

On 28 June 2019, the Monetary Authority of Singapore (“MAS”) announced that it will issue up to 5 new digital bank licences comprising 2 digital full bank licences (permitted to deal with retail clients) and 3 digital wholesale bank licences (permitted to deal with SMEs and non-retail clients). MAS is working on implementation details and expects to invite applications in August 2019.

In this client alert, we provide an overview of the new licensing framework, as well as commentary on similar developments in Hong Kong.

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