The Monetary Authority of Singapore (MAS) says it has received 21 applications for digital bank licences as at the close of application on December 31.

This comprises seven applications for digital full bank (DFB) licences, and 14 applications for digital wholesale bank (DWB) licences.

The applicants include e-commerce firms, technology and telecommunications companies, fintech firms (such as crowd-funding platforms and payment services providers) and financial institutions. The majority are consortiums.

The MAS says it will announce the successful applicants in June 2020. Successful applicants are expected to commence business by mid-2021.

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The Monetary Authority of Singapore (MAS) says it has received 21 applications for digital bank licences as at the close of application on December 31.

This comprises seven applications for digital full bank (DFB) licences, and 14 applications for digital wholesale bank (DWB) licences.

The applicants include e-commerce firms, technology and telecommunications companies, fintech firms (such as crowd-funding platforms and payment services providers) and financial institutions. The majority are consortiums.

The MAS says it will announce the successful applicants in June 2020. Successful applicants are expected to commence business by mid-2021.