Virtual Banking

Maybank Eyeing Digital Banking License in Singapore

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

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Is OCBC Teaming Up with Singtel to Apply for a Virtual Banking License?

Singapore’s second largest bank OCBC and largest mobile network operator Singtel may be joining forces to apply for a virtual banking license, according to a Bloomberg report. In June 2019, Singapore announced that they will be issuing 5 virtual banking

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Malaysian Bank Secures 500k Customers in 6 Months Thanks to Partnership with Gcash

CIMB Bank Philippines announced that it has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines. The milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash,

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77% Consumers in Asia Pacific Prefers to Bank Digitally

Consumers in Asia Pacific are some of the most advanced when it comes to digital engagement with financial services, with seventy-three percent of consumers believing that they should be able to accomplish any financial task on a mobile device, according to new

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iFast Eyeing to Expand to Payments and Lending With Digital Banking License

iFast, an internet based investment product distribution platform is reportedly in talks with potential partners pursue a digital banking license in Singapore. Announced late last month, Singapore is looking at issuing up to 5 digital banking licenses; two of which

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Asia-Pacific Banks Don’t See Digital-Only Banks As Their Top Threat

The race is on to digitize banking throughout the Asia-Pacific region, according to an EIU report. It found that competition is intensifying between established retail banks and the technology and e-commerce disruptors that threaten to carve up the payment solutions market.

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Smaller Banks in Singapore Are at Risk As Fintechs Eye Digital Banking License

Competition is heating up in Singapore’s digital banking landscape as an increasing number of fintechs including e-wallet operators and payment services providers are looking to apply for when applications open in August. Liquid Group, Xfers, MatchMove Pay and FOMO Pay are

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7 Things You Need to Know About Singapore’s Digital Banking Licenses

Following the announcement and issuing of Hong Kong’s virtual banking license, Singapore has announced their intentions to launch the same; to allow entities without banking parentage to conduct banking activities. Digital banks generally refers to banking entities that operate without

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Monetary Authority of Singapore to Issue up to 5 Virtual Banking Licenses

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

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Grab is Now US$300 Mil Closer to Lofty US$6.5 Bil Goal it Needs to Hit By End of 2019

Grab just announced an additional investment of US$300 million from Invesco , a global independent investment management company. The additional investment in Grab takes Invesco’s overall total input into the ride-hailing-turned-potential-virtual-bank up to US$703 million. The latest capital injection puts

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