MAS published an update regarding the digital bank applications that are eligible for the next stage of assessment. Out of 21 digital bank applications, 14 applications have met the eligibility criteria; thus, five digital full bank applicants and nine digital wholesale bank applicants will progress to the next stage of assessment. on June 28, 2019, MAS had announced that will issue up to two digital full bank and three digital wholesale bank licenses.
In January 2020, MAS updated that it had received 21 digital bank applications, comprising seven digital full bank applications and 14 digital wholesale bank applications. MAS has reviewed all the applications received against the eligibility criteria announced on August 29, 2019. In the next stage of assessment, MAS will invite the 14 eligible applicants to present their proposals via virtual meetings. Applicants will then be shortlisted based on their value proposition and business model, incorporating the innovative use of technology, ability to manage a prudent and sustainable digital banking business, and growth prospects and other contributions to the financial center of Singapore. As the COVID-19 pandemic has significantly impacted macroeconomic and business conditions since the applications were received at the end of 2019, MAS has asked all eligible applicants to review the business plans and assumptions underpinning their financial projections, including sources of funding, and provide an independent review of these assumptions. However, MAS does not expect the request for updated business plans and financial projections to affect the timeline for award of the digital bank licences by the end of this year.
Keywords: Asia Pacific, Singapore, Banking, Digital Banks, Bank Licenses, MAS
Previous ArticleSebastiano Laviola of SRB Outlines Next Steps for MREL Policy
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.