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Singapore's central bank opens application process for digital bank licenses

The Monetary Authority of Singapore is now accepting applications for new digital bank licenses and issued detailed guidelines for applicants.

Interested parties have until Dec. 31 to submit their applications, the central bank said Aug. 29. The MAS plans to issue up to two new digital full bank licenses and three digital wholesale bank licenses.

The new digital bank licenses will be extended to nonbank players. Digital full banks will be allowed to take deposits from and provide financial services to retail and non-retail segments, while digital wholesale banks will be allowed to serve small and medium enterprises and other non-retail segments, the central bank said.

Eligible applicants will be assessed for the value proposition of their business model, ability to manage a sustainable digital banking business and growth prospects to Singapore's financial center.