Singapore shortlists 14 applicants for digital bank licences
Published on 18 Jun 2020. | Source: theedgemarkets.com
SINGAPORE (June 18): Singapore's central bank has shortlisted 14 applicants for up to five digital bank licences on offer in the city state's biggest banking liberalisation in two decades.
The shortlist, out of the 21 applications received, comprises five digital full bank applicants and nine digital wholesale bank applicants who will now move to the next round of the selection process, the Monetary Authority of Singapore (MAS) said today.
It expects to award the licences by year end.
The MAS did not provide names of the shortlisted applicants. It aims to issue up to two retail licences and three wholesale licences.
Applicants who had earlier said they bid for the retail licences included: a venture of ride-hailer Grab and Singapore Telecommunications (Singtel); Internet firm Sea; a group headed by gaming firm Razer; another led by consumer entrepreneur Ron Sim; and fintech firm MatchMove's consortium with Singapura Finance.
The MAS said in a statement applicants will next be shortlisted based on criteria such as their value proposition and business model, and ability to manage a prudent and sustainable digital banking business.
It said it had asked the applicants to review the business plans and assumptions underpinning their financial projections, taking into account the impact of the Covid-19 pandemic.
Reuters reported this month that the bidders would have to factor in how the outbreak had impacted their funding and profitability plans.
Directory Advertisement:
