As the application deadline closed last year, the Monetary Authority of Singapore reveals it received 21 applications.
In Brief:
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Seven bids were for Digital Full Bank licenses and 14 were for Digital Wholesale Bank licenses.
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Five are available.
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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.
