Arhipov added, “with Singapore’s economy being the most competitive in the world, there are a lot of financial services on the market. However, there is still plenty of room and we are thrilled that companies now gain the opportunity of obtaining a banking licence.”

BASIS ID is notorious for the flexibility of its platform and shaping optimal on-boarding process for any financial product. At the same time, it is capable of providing stand-alone tools to be integrated into existing workflows, all ensuring full compliance with the regulations.

Acquiring the digital banking license is the confirmation of full compliance with the requirements of MAS, which is easier to achieve by performing the customer on-boarding in collaboration with a trusted partner.