Featured Product

    MAS Receives Interest from 21 Applicants for a Digital Bank License

    January 07, 2020

    MAS has received 21 applications for digital bank licenses until the close of the application period on December 31, 2019. Seven applications were for the digital full bank licenses, while 14 applications were for the digital wholesale bank licenses. Successful applicants, which will be announced in June 2020, are expected to commence business by mid-2021.

    The new digital bank licenses have attracted strong interest from a diverse group of applicants, which include e-commerce firms, technology and telecommunications companies, fintech institutions (such as crowd-funding platforms and payment services providers), and financial institutions. The majority of applicants are consortia, with entities seeking to combine their individual strengths to enhance the value proposition of a digital bank.

    MAS will evaluate all eligible applications based on their value propositions including the innovative use of technology to serve customer needs, their ability to manage a prudent and sustainable digital banking business, and their contributions to the financial center in Singapore. The issuance of the new digital bank licenses, comprising up to two digital full bank licenses and three digital wholesale bank licenses, is a significant initiative aimed at enabling non-bank players with strong value propositions and innovative digital business models to offer banking services. Digital full bank will be allowed to take retail deposits, while digital wholesale banks will focus on serving small and medium-size enterprises and other non-retail segments. These new digital banks are in addition to any qualifying subsidiaries that Singapore bank groups may already establish under the MAS’ existing regulatory framework for the purposes of operating new business models, including partnerships with non-bank players to conduct digital banking.

    Keywords: Asia Pacific, Singapore, Banking, Digital Banks, Licensing Applications, Fintech, Bank Licenses, MAS

    Related Articles
    News

    BoE Seeks Information Before Migrating Statistical Reporting to BEEDS

    The Bank of England (BoE) published the Statistical Notice 2021/09 requiring additional information from firms and software vendors to assist in the onboarding and testing phases for migrating statistical reporting to the BEEDS portal.

    October 25, 2021 WebPage Regulatory News
    News

    FCA Publishes Final Rules on Investment Firms Prudential Regime

    The Financial Conduct Authority (FCA) published the final rules on the Investment Firms Prudential Regime (IFPR) to streamline and simplify the prudential requirements for solo-regulated UK firms authorized under the Markets in Financial Instruments Directive (MiFID).

    October 25, 2021 WebPage Regulatory News
    News

    CFRF Publishes Guides to Manage Financial Risks from Climate Change

    The working groups of the Climate Financial Risk Forum (CFRF) published a second round of guides (or Session 2 guides), written by the industry for the industry, to help financial firms manage climate-related financial risks.

    October 21, 2021 WebPage Regulatory News
    News

    PRA Finalizes Policy for Non-Performing Exposure Securitizations

    The Prudential Regulation Authority (PRA) published the final Policy Statement PS24/21 that contains the new Non-Performing Exposures Securitization Part of the PRA Rulebook and an updated Supervisory Statement SS10/18 on the general requirements and capital framework with respect to securitizations.

    October 21, 2021 WebPage Regulatory News
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    EU to Explore Potential of Establishing a Joint Cyber Unit

    The European Council adopted conclusions inviting the European Union (EU) and the member states to further develop the cybersecurity crisis management framework.

    October 19, 2021 WebPage Regulatory News
    News

    EC Sets Out Work Program for 2022

    The European Commission (EC) adopted the work program for 2022.

    October 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7598