trending Market Intelligence /marketintelligence/en/news-insights/trending/HB4cw4PMbGr-XDvm6ujujQ2 content esgSubNav
In This List

Singapore central bank receives 21 applications for digital bank licences


Volume of Investment Research Reports on Inflation Increased in Q4 2021


Price wars in India: Disney+ Hotstar vs. Amazon Prime Video vs. Netflix


Using ESG Analysis to Support a Sustainable Future


Next in Tech | Episode 48: The everything that is Industrial IoT

Singapore central bank receives 21 applications for digital bank licences

Singapore's central bank received 21 applications for digital bank licences as of the close of application on Dec. 31, 2019.

The Monetary Authority of Singapore said it received seven applications for the digital full bank licences and 14 applications for the digital wholesale bank licences, according to a Jan. 7 release.

In June 2019, the central bank revealed plans to issue up to five new digital bank licenses, offering up to two digital full bank licenses and up to three digital wholesale bank licenses.

The central bank did not disclose the list of applicants. However, Singapore-based ride-sharing company Grab Holdings Inc. and telecommunications provider Singtel had partnered to apply for a digital full-banking licence, while Beijing Byte Dance Telecommunications Co. Ltd., owner of video app TikTok, and a group led by gaming hardware manufacturer Razer Inc. had also applied for a digital bank licence.

Ant Financial Services Group and an iFAST Corporation Ltd.-led consortium are also in the race to secure a license. In addition, NYSE-listed online marketplace Sea Ltd. said Jan. 7 that it applied for a digital full bank license.

Meanwhile, a consortium comprising Oversea-Chinese Banking Corp. Ltd., Validus Capital Pte. Ltd., Keppel Corporation Ltd. and Vertex Ventures had dropped out of the race for a digital wholesale banking license in December 2019.

The Monetary Authority of Singapore will announce the successful applicants in June and they are expected to commence operations by mid-2021.