Applications open for up to two new (digital) retail banks in Singapore

  • By Singapore’s central bank – the Monetary Authority of Singapore (MAS).

  • Applications being accepted from 29th August to 31st December 2019.

  • The MAS will grant up to two digital full bank licences (to provide banking to retail and corporate customers) and three wholesale digital banks (non-retail customers only).

  • Digital full banks will, amongst other things, be allowed to take deposits from retail customers.

  • Applicants for the digital fulls banks must be based in Singapore and controlled by Singapore citizens.

  • The licence winners are expected to be announced in mid 2020 and are expeted to be operational by mid 2021.

Be ready as regulations change.

Subscribe to Fintech Law's weekly newsletter.

You May Also Like