Featured Product

    MAS to Issue Up To Five New Digital Bank Licenses in Singapore

    June 28, 2019

    MAS published the eligibility criteria for licensing of digital full banks and digital wholesale banks in Singapore. MAS also announced that it will issue up to five new digital bank licenses that will comprise up to two digital full bank licenses and up to three digital wholesale bank licenses. The digital full bank license will allow licensees to provide a wide range of financial services and take deposits from retail customers while the digital wholesale bank license will allow licensees to serve small and medium enterprises and other non-retail segments. MAS expects to invite applications for licenses in August 2019.

    Application for digital full bank licenses is open to companies headquartered in Singapore and controlled by Singaporeans. Foreign companies are eligible for the full bank licenses if they form a joint venture with a Singapore company and if that joint venture meets the headquarter and control requirements. Application for digital wholesale bank licenses is open to all companies. The new licenses are in addition to any digital banks that the Singapore banking groups may establish under the existing internet banking framework that was introduced in 2000. The move extends digital bank licenses to non-bank players as well. With innovative business models and strong digital capabilities, the digital players can cater to underserved segments of the market. They will provide impetus for existing banks to continue enhancing the quality of their digital offerings.

    The entry of new digital players will add diversity and help strengthen the banking system of Singapore in the digital economy of the future. Mr. Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, announced these measures at the 46th Annual Dinner of The Association of Banks in Singapore and said that “The new digital bank licenses mark the next chapter in Singapore’s banking liberalisation journey. They will ensure that Singapore’s banking sector continues to be resilient, competitive, and vibrant.” MAS also published a summary of the progressive liberalization of banking sector in the country over the last 20 years. 

     

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

    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8201