The Monetary Authority of Singapore (MAS) has rejected eight out of the 21 digital banking applications submitted by the beginning of the year, but more are heading for the chopping block.
In August 2019, MAS announced that it would open up for more digital banking players to set up shop in Singapore. The move was part of the authority’s push to ensure Singapore’s financial markets remain strong and resilient.
Interest in these licences proved massive, with 21 companies having applied for one of the five digital banking licences when the application deadline expired on December 31.
Of those, MAS has now announced that 14 applications have met the eligibility criteria required for the application to be considered. Five out of seven digital full bank applicants and nine out of 14 digital wholesale bank applicants were deemed worthy to keep competing for one of the five licences.
In the next stage of assessment, MAS will invite the 14 eligible applicants to present their proposals via virtual meetings. Each of the applicants are asked to adjust their business plans to account for the Covid-19 pandemic.
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