Maybank Eyeing Digital Banking License in Singapore

Maybank Eyeing Digital Banking License in Singapore

by August 29, 2019

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 it will be issuing 5 licenses. The regulator has made it clear that existing banks don’t need additional licensing to run a digital bank.

Maybank’s likeliness to apply for a new license seems contingent on whether or not they are able to create a new value proposition or perhaps even seek partnership with other entities much like OCBC who is rumored to be in talks with Singtel.

Alvin was quoted saying in the same report “We can be the ‘fin’ (in fintech) and we look for a ‘tech’ partner – or something like that.” He further reveals that such an undertaking would require a regional partner, which they are currently working with the Malaysian head office to source for.