On 28 June 2019, the Monetary Authority of Singapore
("MAS") announced that it will issue up
to five (5) new digital bank licences.
The five (5) new banking licences comprise:
a. Digital Full Bank licences: up to two (2)
digital full bank ("Digital Full Bank")
licences, which allow licensees to provide a wide range of
financial services and take deposits from retail customers; and
b. Digital Wholesale Bank licences: up to three
(3) digital wholesale bank ("Digital Wholesale
Bank") licences, which allow licensees to serve small
and medium enterprises (SMEs) and other non-retail segments.
MAS expects to invite applications for the new digital bank
licences in August 2019 and will provide details on the
eligibility, admission criteria and implementation of the new
regime for digital banking services in Singapore.
