Monetary Authority of Singapore to Issue up to 5 Virtual Banking Licensesby Fintech News Singapore June 28, 2019
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.