Monetary Authority of Singapore to Issue up to 5 Virtual Banking Licenses

Monetary Authority of Singapore to Issue up to 5 Virtual Banking Licenses

by June 28, 2019
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Speaking at the 46th Annual Dinner of the Association of Banks, Senior Minister Tharman Shanmugaratnam who is also the Chairman of the Monetary Authority of Singapore announced that they will be issuing up to 5 virtual banking licenses.

This announcement comes a few days after Prime Minister Lee Hsien Loong has confirmed that MAS is actively studying whether or not to issue virtual banking licenses.

According to The Straits Times, Senior Minister Tharman said that the new digital bank licences mark the next chapter in Singapore’s banking liberalisation journey and ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant.

MAS will reportedly be issuing two full digital banking licenses and three digital wholesale licenses that will cater to SMEs and other non-retail segments.

It is rumoured that Grab is eyeing for a virtual banking license and is gearing up to apply should MAS decides to come up with the regulatory framework.

Those following this story would be under the impression that MAS has only began considering virtual banking licenses in earnest in May 2019, but industry sources say MAS have been engaging with serious players much earlier.

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  1. #1 Monetary Authority of Singapore to Issue up to 5 Virtual Banking Licenses – Fintech Singapore | Orcestra, Inc. 29 June, 2019, 09:11

    […] Monetary Authority of Singapore to Issue up to 5 Virtual Banking Licenses – Fintech Singapore […]

  2. #2 7 Recent Stories That Proves Singapore is a Leader in Fintech and Innovation | Fintech Singapore 5 July, 2019, 12:03

    […] of Banks, Singapore’s senior minister Tharman Shanmugaratnam, who is also the chairman of MAS, announced that the regulator will be issuing up to five virtual banking […]

  3. #3 Asia-Pacific Banks Don’t See Digital-Only Banks As Their Top Threat | Fintech Singapore 25 July, 2019, 11:55

    […] Big tech companies like Google, Facebook, Apple and major payment players such as WeChat Pay, Alipay and PayPal are viewed as the biggest threat to APAC bankers (60%)/ This is followed by neo-banks/digital-only banks like Volt Bank, Varo Money, Monzo (25%) this is despite the fact Hong Kong has already issued 8 licenses and Singapore is also looking issue 5 of their own. […]

  4. #4 iFast Eyeing to Expand to Payments and Lending With Digital Banking License | Fintech Singapore 30 July, 2019, 13:25

    […] Announced late last month, Singapore is looking at issuing up to 5 digital banking licenses; two of which will be full digital banking licenses and three digital wholesale licenses that will cater to SMEs and other non-retail segments. […]

  5. #5 Is OCBC Teaming Up with Singtel to Apply for a Virtual Banking License? | Fintech Singapore 21 August, 2019, 14:28

    […] June 2019, Singapore announced that they will be issuing 5 virtual banking license, many players have expressed their interest in applying for the license which includes the likes Grab, […]

  6. #6 Maybank Eyeing Digital Banking License in Singapore | Fintech Singapore 29 August, 2019, 07:52

    […] digital banking guideline was first announced late June 2019 by MAS and the regulator said it will be issuing 5 licenses. The regulator has made […]

  7. #7 Why virtual banks are the future | PaySpace 29 August, 2019, 12:06

    […] Singapore and Hong Kong, seem to find a solution. The Monetary Authority of Singapore will issue five virtual bank licenses in 2019. That will blend the borders of bank sector and non-bank financial companies. Thanks to the […]

  8. #8 MAS Invites Applications for New Digital Bank Licences Starting Today | Fintech Singapore 29 August, 2019, 13:40

    […] follows the announcement in June 2019 by Mr Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, that MAS will issue […]

  9. #9 Collection – MAS Invites Applications for New Digital Bank Licences Starting Today – Non Performing Life… 11 September, 2019, 15:30

    […] follows the announcement in June 2019 by Mr Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, that MAS will issue […]

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