The Monetary Authority of Singapore (MAS) has shortlisted 14 applications out of the 21 submitted to issue up to five digital banking licences.

The central bank said there are now five digital retail bank applicants and nine digital wholesale bank applicants. These applicants will progress to the next stage of assessment.

According to sources, some of these applicants include internet firm Sea, a Grab-Singtel JV, Razer, iFast, Ant Financial as well as fintech MatchMove and Singapura Finance.

In the next stage, the regulator will invite the 14 shortlisted applicants to present their proposals virtually in order to be accepted as eligible licensees.

The further shortlisting will be based on their value proposition and business model, the ability to manage a prudent and sustainable digital banking business and, growth prospects and other contributions to Singapore’s financial centre.

Due to the emergence of the Covid-19 pandemic, the MAS has advised the applicants to review their business plans and financial projections and provide a separate review on each.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

MAS said it will issue up to two digital retail banking licences and three digital wholesale banking licences by the end of this year.

Initially, when the regulator received the applications back in January 2020, there were seven digital retail bank applications and 14 digital wholesale bank applications.