On August 29, 2019, the Monetary Authority of Singapore (MAS) announced that it will start to accept applications for new digital bank licences.
The application window will be opened until December 31, 2019. This follows MAS' announcement that it would issue up to two digital full bank licences and three digital wholesale bank licences.
The digital banks' licences are extended to non-bank players, to ensure the competitiveness of Singapore’s banking sector.
A digital full bank licence allows for banks to take deposits from and provide a wide range of financial services to retail and non-retail customer segments.
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