Singapore To Break Open Digital Banking Regime To Non-Banks

Singapore is opening its digital banking ecosystem to non-banks, unveiling a plan to issue up to five new licences to fintechs in what officials are calling “the next chapter in Singapore's banking liberalisation journey”.

Announced on Friday by the Monetary Authority of Singapore (MAS), the measure will allow the issuance of two full digital bank licences, which will permit licensees to provide a range of financial services and take deposits from retail customers, along with three digital wholesale bank licences, which allow recipients to serve non-retail clients such as small and medium-sized businesses (SMEs).

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