Total of 21 bids made for Singapore banking licenses

January 08, 2020 | Banking

Written by FinTech Alliance

Total of 21 bids made for Singapore banking licenses

As the application deadline closed last year, the Monetary Authority of Singapore reveals it received 21 applications.

In Brief:

  • Seven bids were for Digital Full Bank licenses and 14 were for Digital Wholesale Bank licenses.

  • Five are available.

  • Prominent ridehailing firm Grab was among the applicants, in partnership with SingTel.

What does this mean?

The MAS hopes to introduce competition into Singapore’s banking arena by offering licenses to innovative technology companies. Successful applicants will be revealed in the middle of this year, but won’t start trading until 2021.

Read more here.

 

More in Banking

Ask a FinTech: how do you build a strong partnership with a bank?
Banking
May 15, 2020

Ask a FinTech: how do you build a strong partnership with a bank?

Over the past few years we in the financial services sector have fully established that we cannot op...

StanChart introduces digital solutions in India amid Covid-19
Banking
May 13, 2020

StanChart introduces digital solutions in India amid Covid-19

Standard Chartered Bank has introduced a number of digital services for its customers in India. I...

UBS seeks digital bank licence in China
Banking
May 11, 2020

UBS seeks digital bank licence in China

UBS has announced it plans to develop a digital bank, starting in mainland China. In Brief:...

Banking
April 14, 2020

UK International Reserves - March 2020

The Bank of England manages the UK’s official reserves on behalf of the Government. We publish...

Banking
April 14, 2020

Appeal of online investing

Whether you’re cautious or risk hungry, NatWest Invest thinks it has a fund for you. Since...

Banking
April 06, 2020

Keeping connected during COVID-19

People around the world are facing up to unprecedented changes to their lives caused by the coronavi...

There are no Events in this category