Singapore monetary board receives 21 digital bank licence applications

Fourteen applied for digital wholesale banks whilst seven went for digital full banks.

The Monetary Authority of Singapore (MAS) has received a total of 21 applications for digital bank licences, according to a news release.

Two-thirds (14) were applications for digital wholesale bank (DWB) licences, with the remaining seven for digital full bank (DFB) licences. Applications closed on 31 December with the majority of applicants being consortiums.

The regulator will issue up to two DFB licences and three for DWBs, which will allow non-bank players to offer banking services. DFBs can take retail deposits, whilst DWBs can serve small and medium enterprises (SMEs) and other non-retail segments.

Successful applicants will be announced in June, and they are expected to start business by mid-2021.