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HomeBankingMAS: Receives 21 Applications for Digital Bank Licences

MAS: Receives 21 Applications for Digital Bank Licences

Date:

MAS: Receives 21 Applications for Digital Bank Licences

  • Received 21 applications for digital bank licences as at the close of application on 31 December 2019
  • Comprises 7 applications for the digital full bank (DFB) licences also 14 applications for the digital wholesale bank (DWB) licences
  • The new digital bank licences have attracted strong interest from a diverse group of applicants
  • The majority of applicants are consortiums, with entities seeking to combine their individual strengths to enhance the digital bank’s value proposition
  • MAS thanks all interested applicants and also stakeholders who have provided valuable comments
  • MAS will announce the successful applicants in June 2020 also successful applicants expected to commence business by mid-2021

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