{"id":3624,"date":"2019-09-14T02:13:16","date_gmt":"2019-09-13T18:13:16","guid":{"rendered":"https:\/\/www.npn.sg\/?p=3624"},"modified":"2022-02-14T12:05:36","modified_gmt":"2022-02-14T04:05:36","slug":"mas-open-applications-for-digital-bank-licences","status":"publish","type":"post","link":"https:\/\/sggw-test.npn.sg\/sg\/mas-open-applications-for-digital-bank-licences\/","title":{"rendered":"MAS Opens Applications For Digital Bank Licences"},"content":{"rendered":"

We have previously shared about how Singapore will be moving towards starting of digital banks and this is on it’s way to becoming a reality very soon.<\/span><\/p>\n

Applications for a digital bank license has opened during the last week of August right through till the end of the year. The regulator opened up applications for no more than two licences for a digital full bank, and up to three licences for a digital wholesale bank.<\/span><\/p>\n

The 2 digital full-fledged\u00a0banks will be able to provide a wide range of financial services and take deposits from retail and non-retail customers.<\/span><\/p>\n

They will commence with a minimum paid-up capital of S$15 million and subjected to an aggregate deposit cap of S$50 million, with deposits per individual capped at S$75,000.<\/span><\/p>\n

The remaining three can become digital wholesale banks,\u00a0serving\u00a0small and medium enterprises and other non-retail segments. They are not allowed to take deposits from retail customers\u00a0except for fixed deposits of at least S$250,000.<\/span><\/p>\n

These wholesale banks\u00a0must\u00a0have a minimum paid-up capital of S$100 million\u00a0and can be owned by foreign companies as long as they are locally incorporated.<\/span><\/p>\n

The entry of new players could lead to the biggest shake-up in two decades in a market dominated by local banks DBS Group, Oversea-Chinese Banking Corp and United Overseas Bank.<\/span><\/p>\n

Many of NPN’s partners have expressed interest in the digital bank license and NPN is eager to see how things will roll out for them.<\/span><\/p>\n

Grab, which has investors such as SoftBank Group Corp and Uber, and Singtel have expressed interest for the licences.<\/span><\/p>\n

Gaming company Razer said in June that it will “definitely consider” applying for the digital bank licence.<\/span><\/p>\n

FOMO Pay has also said that it is evaluating the criteria to qualify as an applicant.<\/span><\/p>\n

Read more\u00a0<\/a><\/span><\/p>\n

NPN<\/a>, with over 10 years of experiences in retail technology businesses around Southeast Asia, we are confident that our understanding in new retail can help you and provide tailor-make retail solutions to each of our client\u2019s unique needs for their business objectives. At NPN, we provide retail solutions for your retail digital transformation strategy to stay abreast of the competition.\u00a0<\/span><\/p>\n

NPN is built on a vision to redefine retail by enabling seamless engagement between retailers, supplies and end users since 2009. NPN has built a retail ecosystem that blends digital products and services in a unified way that features the retailers, suppliers and end users at the center.<\/span><\/p>\n

By harnessing the latest advancement of internet and technology, we have been benefiting our stakeholders and building up trust with our partners through our work and commitments over the years. Our consistency in our development and work ethics have resulted in the generous support by more than a thousand of retail outlets and reputable companies in Singapore.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Applications for a digital bank license has opened during the last week of August right through till the end of the year. The regulator opened up applications for no more than two licences for a digital full bank, and up to three licences for a digital wholesale bank.<\/p>\n","protected":false},"author":9,"featured_media":3626,"featured_media_url":"https:\/\/sggw-test.npn.sg\/sg\/wp-content\/uploads\/2019\/09\/digital-bank-application-opens.jpg","comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[167],"tags":[182,176,164],"yoast_head":"\nMAS Opens Applications For Digital Bank Licences<\/title>\n<meta name=\"description\" content=\"Applications for a digital bank license has opened during the last week of August right through till the end of the year.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MAS Opens Applications For Digital Bank Licences\" \/>\n<meta property=\"og:description\" content=\"Applications for a digital bank license has opened during the last week of August right through till the end of the year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sggw-test.npn.sg\/sg\/mas-open-applications-for-digital-bank-licences\/\" \/>\n<meta property=\"og:site_name\" content=\"NPN - 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