MAS opens digital banks application process

A handful of fintech companies in Singapore may soon turn into digital banks as the city-stake kicks off an application process wherein five new digital bank licences will be doled out.

According to a statement by the Monetary Authority of Singapore (MAS), applications officially opened today and will close at the end of this year (December 31, 2019).

Names of selected companies will be announced in mid-2020, and they will be expected to begin operations in mid-2021.

This follows an earlier June announcement by MAS’s senior minister and chairman, Tharman Shanmugaratnam, wherein he had indicated plans to issue up to two “digital full bank” licenses and three “digital wholesale bank” licenses in the city state.

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