Virtual Banking

Singapore’s Hong Leong Finance is The Latest to Seek Digital Banking License

Hong Leong Finance Ltd is the latest entity seeking to apply for Singapore’s digital banking license, according to Bloomberg. Hong Leong who still uses fax machines as part of its application process said that they see this as an “opportunity

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China’s Insurance Giant, Ping An Considering Digital Banking License in Singapore

Ping An’s fintech unit OneConnect, is considering to apply to Singapore digital banking license, according to a recent Bloomberg report. The insurtech giant was ranked by Forbes as the largest insurer in 2018 valued at US$ 217 billion, Its fintech

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New Digital Banks Unlikely To Threaten DBS, OCBC and UOB, Fitch Ratings Says

Singapore’s granting of up to five new digital bank licenses is unlikely to threaten the dominance of the country’s three largest banks, DBS Bank, OCBC Bank and UOB, Fitch Ratings says. The ratings agency believes that DBS, OCBC, and UOB

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State-Owned Overseas Filipino Bank to Become a Fully Digital Bank by 2020

The Overseas Filipino Bank (OFBank), a state-owned bank and a subsidiary of Land Bank of the Philippines, is planning to become a fully branchless, digital lender by mid-2020. Currently pending approval from the Bangko Sentral ng Pilipinas (BSP), the country’s

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MAS Invites Applications for New Digital Bank Licences Starting Today

The Monetary Authority of Singapore (MAS) announced today that it will begin accepting applications for new digital bank licences. Interested parties have until 31 December 2019 to submit their applications. This follows the announcement in June 2019 by Mr Tharman Shanmugaratnam, Senior

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MAS’ Chief Fintech Officer on Making Singapore a World Leader in Digital Banking

Over the past couple of years, Singapore has emerged as one of the fintech’s top hotspots in the world. Today, the city state is home to 43% of all fintech companies in Southeast Asia: that’s about 750+ organizations. Since being

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Maybank Eyeing Digital Banking License in Singapore

Maybank Singapore is reportedly eyeing one of the five digital banking licenses, Alvin Lee, Head of Community Financial Services reveals (paywall) to Bussiness Times. The digital banking guideline was first announced late June 2019 by MAS and the regulator said

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Is OCBC Teaming Up with Singtel to Apply for a Virtual Banking License?

Singapore’s second largest bank OCBC and largest mobile network operator Singtel may be joining forces to apply for a virtual banking license, according to a Bloomberg report. In June 2019, Singapore announced that they will be issuing 5 virtual banking

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Malaysian Bank Secures 500k Customers in 6 Months Thanks to Partnership with Gcash

CIMB Bank Philippines announced that it has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines. The milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash,

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77% Consumers in Asia Pacific Prefers to Bank Digitally

Consumers in Asia Pacific are some of the most advanced when it comes to digital engagement with financial services, with seventy-three percent of consumers believing that they should be able to accomplish any financial task on a mobile device, according to new

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