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Maybank considers applying for digital bank license in Singapore

Malayan Banking Bhd. is considering applying for a digital bank license in Singapore, The Business Times reported Aug. 29, citing Alvin Lee, head of community financial services Singapore and group wealth management for the Malaysian bank.

The bank is considering all options, including whether to apply to the existing internet-only bank framework, partner with another party for a digital wholesale bank license or apply for the new digital full bank license, Lee said. The bank's current license in Singapore allows it to establish a digital bank but it may still consider partnering with a tech company, he said.

Lee's comments came after the Monetary Authority of Singapore announced in June that it will issue up to five new digital bank licenses. The central bank said it will issue up to two digital full bank licenses to companies headquartered in the city-state, while foreign companies will be eligible for these licenses if they establish a joint venture with a local company.