On 28 June 2019, the Monetary Authority of Singapore ("MAS") announced that it will issue up to five new digital bank licences, comprising:
  • two digital full bank licences, which would allow licensees to provide a wide range of financial services and take deposits from retail customers; and
  • three digital wholesale bank licences, which would allow licensees to serve SMEs and other non-retail segments.
The intention behind the issuance of the digital bank licences is to add diversity and help strengthen Singapore's banking system in the digital economy.
 
Based on MAS' press release, we have set out in the update the details on the eligibility criteria and safeguards applicable to digital full banks and digital wholesale banks. MAS will provide more details on the eligibility and admission criteria in August 2019, and expects to invite applications at that time.
 
If you have any queries or would like to know more about how these changes may impact you, please contact:
 
Elaine CHAN
Joint Head – Financial Services Regulatory Practice
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to see Elaine’s CV.
 
CHAN Jia Hui
Partner – Financial Services Regulatory Practice
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to see Jia Hui’s CV.