The Monetary Authority of Singapore (MAS) will issue five new “digital bank licenses” according to the financial regulator. MAS said this was in addition to any existing Singapore banks which may also offer digital banking under existing rules.
MAS said the new rules extend digital banking to non-bank entrants.
Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, announced the new rules during a meeting of the Association of Banks in Singapore. Shanmugaratnam said the new digital bank licenses “mark the next chapter in Singapore’s banking liberalization journey.” (more…)