MAS Extends Digital Bank Assessment Period in View of COVID-19 Pandemic

MAS Extends Digital Bank Assessment Period in View of COVID-19 Pandemic

by April 9, 2020
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The Monetary Authority of Singapore (MAS) announced today that it will extend the assessment period for the award of digital bank licences. Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended.

In January 2020, MAS released an update that it had received 21 applications for digital bank licences and planned to announce the successful applicants in June 2020. The global escalation of the COVID-19 pandemic since then has prompted the implementation of enhanced safe distancing measures in Singapore, and many companies are allowing staff to work from home to the extent possible.

In view of these developments, MAS will extend the assessment period for the award of digital bank licences. This will allow the digital bank licence applicants to dedicate their resources and attention towards managing the immediate impact of the COVID-19 pandemic on their businesses. It will also enable MAS to focus resources on ensuring monetary and financial stability, and ensuring that financial institutions remain resilient, and able to perform their role in supporting businesses and individuals through this challenging time.

Similarly, its neighbour, Malaysia has also announced a delay in its consultation period for their virtual banking framework

Featured image credit: MAS

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