The Monetary Authority of Singapore (MAS) announced today that 14 of the 21 digital bank applications have met the eligibility criteria required for the application to be considered. These eligible applicants, comprising five digital full bank (DFB) applicants and nine digital wholesale bank (DWB) applicants, will progress to the next stage of assessment.

In January 2020, MAS updated that it had received 21 digital bank applications, comprising seven DFB applications and 14 DWB applications. MAS has reviewed all the applications received against the eligibility criteria announced on 29 August 2019.

In the next stage of assessment, MAS will invite the 14 eligible applicants to present their proposals via virtual meetings. Applicants will then be shortlisted based on their

(i) value proposition and business model, incorporating the innovative use of technology,

(ii) ability to manage a prudent and sustainable digital banking business, as well as

(iii) growth prospects and other contributions to Singapore’s financial centre.

As the COVID-19 pandemic has significantly impacted macroeconomic and business conditions since the applications were received at the end of 2019, MAS has asked all eligible applicants to review the business plans and assumptions underpinning their financial projections, including sources of funding, and provide an independent review of these assumptions.

MAS does not expect the request for updated business plans and financial projections to affect the timeline for award of the digital bank licences by the end of this year.