Virtual Banking

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

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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

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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

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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

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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

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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

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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

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A New Digital Banking Dawn for Singapore

Asia seemed to have caught the digital banking bug following Hong Kong’s issuance of the 8 virtual banking license. With Singapore positioning itself as a fintech hub in Asia and beyond, Monetary Authority of Singapore’s (MAS) announcement that it is

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Revolut is Coming to Singapore Very Soon, Here’s a Sneak Peek at Its Pricing

UK-based fintech startup Revolut has unveiled pricing details for its digital offerings in Singapore and we expect the official going launch in Singapore very soon. The startup, which offers banking services including a prepaid debit card, currency exchange, cryptocurrency exchange

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Singapore’s Hong Leong Finance is The Latest to Seek Digital Banking License

Hong Leong Finance Ltd is the latest entity seeking to apply for Singapore’s digital banking license, according to Bloomberg. Hong Leong who still uses fax machines as part of its application process said that they see this as an “opportunity

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