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 ArticleESMA Integrates 2020 IFRS Taxonomy into Technical Standards on ESEF
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.