Finance Breaking news Singapore doles out four digital bank licences last financial news

Breaking-Finance.Com - The Monetary Authority of Singapore has awarded full virtual banking licences to a Grab-Singtel consortium and tech giant Sea, and digital wholesale bank licences to Ant Group and a coalition comprising Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.

Finance Breaking news Singapore doles out four digital bank licences last financial news

Breaking-Finance.Com - The Monetary Authority of Singapore has awarded full virtual banking licences to a Grab-Singtel consortium and tech giant Sea, and digital wholesale bank licences to Ant Group and a coalition comprising Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.

Finance Breaking news Singapore doles out four digital bank licences last financial news
04 December 2020 - 12:45

Breaking-Finance.Com - The Monetary Authority of Singapore has awarded full virtual banking licences to a Grab-Singtel consortium and tech giant Sea, and digital wholesale bank licences to Ant Group and a coalition comprising Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management. The central bank announced the digital bank framework in June 2019 with the aim of enabling non-bank players with innovative business models to offer digital banking services.Two licences for full digital retail banks were up for grabs as well as three digital wholesale banking licences.In total, up to 14 eligible applicants from 21 bids were put under the rule. MAS says it expects the new digital banks to commence operations from early 2022.

.Ravi Menon, managing director of MAS, says: “MAS applied a rigorous, merit-based process to select a strong slate of digital banks. We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals. They will further strengthen Singapore’s financial sector for the digital economy of the future.”Gaming group Razer - which filed an application under the brand Razer Youth Bank, was among those to miss out on the final award.In a statement expressing its disappointment, the firm says: "We intend to roll out Razer Youth Bank where Razer and Razer Fintech have already established a strong user base and local business presence, be it in regional countries such as Malaysia and the Philippines where digital banking application processes are expected to kickstart in the near term or other regions, such as Europe, Middle East or Latin America where regulators are similarly supportive of innovation in the banking sector to better serve the unbanked and underserved segments of the economy."

Source = Breaking-Finance.Com

Financial breaking news

This news 96 hits received.

Finance Breaking news Singapore doles out four digital bank licences last financial news


Finance Breaking news Singapore doles out four digital bank licences last financial news


Finance Breaking news Singapore doles out four digital bank licences last financial news


Finance Breaking news Singapore doles out four digital bank licences last financial news

COMMENTS

  • 0 Comment
MAY INTEREST YOU x
Finance Breaking news Finch Capital's Nomu Pay sweeps up Wirecard Apac assets last financial news
Finance Breaking news Finch Capital's Nomu Pay sweeps up...
Finance Breaking news ING splits board level responsibility for operations and technology last financial news
Finance Breaking news ING splits board level responsibility for...