The Monetary Authority of Singapore (MAS) Authority of Singapore is to review 14 successful applicants for five available digital bank licences, in a concerted effort to inject competition into the banking sector by enabling non-bank players with innovative digital business models to offer banking services.
Applicants include e-commerce firms, technology and telecommunications companies, fintechs - such as crowd-funding platforms and payment services providers - and financial institutions. The majority of applicants are consortiums, says MAS, with entities seeking to combine their individual strengths to enhance the digital bank’s value proposition.
Publicly known bids include those from wealth management tech supplier iFast, gaming group Razer, ride-hailing firm Grab and telco Singtel, Chinese giant ANT Financial Services and Southeast Asian consumer internet company Sea Limited.
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MAS to review 14 bids for digital bank licences
The Monetary Authority of Singapore is to review 14 successful applicants for five available digital bank licences, in a concerted effort to inject competition into the banking sector by enabling non-bank players with innovative digital business models to offer banking services.
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