Singapore: Monetary Authority Announces Opening of Applications for New Digital Banks

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. 

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial