Virtual Banking
Here Are The Contenders to Singapore’s Digital Banking Race
Singapore’s digital banking license was perhaps one of the most widely discussed topic in 2019 within fintech circles and we suspect 2020 will not be too different with MAS anticipated to issue licenses by mid-2020. There were many speculations as
Read More
RCBC’s New Digital Bank to Focus on Philippines’ Underserved Markets
The Board of Directors of the Rizal Commercial Banking Corp. (RCBC) has approved the creation of cloud-based digital bank with a rural bank license as disclosed with the Philippine Stock Exchange on Tuesday. Once regulatory approvals are secured, RCBC’s virtual
Read More
Philippines Digital Bank TONIK Picks Finastra to Power Its Core Banking
Finastra announced today that TONIK, a licensed digital-only bank in Philippines, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. According to the parties involved, the move will support TONIK as it launches its retail
Read More
Singapore Receives 21 Applications for Digital Bank Licences
The Monetary Authority of Singapore (MAS) announced that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14
Read More
Philippines’ Lawmaker Pushes for Virtual Banking Regulation
Albay Representative Joey Salceda on Monday filed a measure providing a regulatory framework for virtual banking to boost the financial inclusion thrust pursued by the Bangko Sentral ng Pilipinas. Salceda, chairman of the House Committee on Ways and Means, filed
Read More
Who Will Be the Ultimate Winner of Asia Pacific’s Virtual Banking Race?
Ever since Hong Kong issued 8 virtual banking licenses earlier this year, regulators around Asia are clamoring to come up with their own framework to facilitate this new breed of banks. While Hong Kong has reinvigorated Asia’s interest in virtual
Read More
Singapore’s Digital Banking License Race Intensifies With Deadline Looming in Weeks
In Singapore, the end-of-year deadline to apply for a digital banking license is coming up, and tech companies, banks and brokerages are racing to form partnerships to meet regulators’ stiff requirements. Singapore will be issuing up to two retail and
Read More
Banking in Asia is Ripe for Disruption, Now More Than Ever
Banking in Asia is experiencing fundamental disruption driven by the growth of tech giants into the financial services industry, new open banking regulations, and the issuance of virtual banking licenses, according to a new report by PwC and Oracle. In
Read More
After Hong Kong, Ant Financial is Now Eyeing Digital Banking License in Singapore
Fresh off securing digital banking license in Hong Kong, Ant Financial confirms that they are actively looking into pursuing digital banking license in Singapore. Previously, Ping An’s One Connect and AMTD Group have also voiced similar ambitions, making this the
Read More
OCBC Reportedly Forming Digital Banking Consortium with Vertex, Validus and Keppel
OCBC is reportedly in talks with venture capital fund Vertex, P2P lending operator Validus and conglomerate Keppel to form a digital banking consortium. Earlier this year Monetary Authority of Singapore (MAS) Chairman, Tharman Shanmugaratnam announced that Singapore will be issuing
Read More