The Monetary Authority of Singapore will distribute up to five digital banking licenses for non-banking entities to provide financial services to retail customers and SMEs.
and various Chinese banks. The moves from regulators in Singapore and Hong Kong are part of a broader shifting trend where more and more people in Asia are turning to online banking services.
J.D. Power's Chiam explained that the selected entities that ultimately receive the digital bank licenses in Singapore would have been thoroughly vetted by the monetary authority's strict standards, which would make them more reliable. "I think that's a win-win-win for customers right now," said Chiam.MAS said the forthcoming digital lending licenses would be extended to non-bank players to keep Singapore's banking sector competitive and resilient.
"Razer is keen to explore applying for the digital full bank license through our Razer Fintech arm," Jasmine Ng, CEO of Razer Fintech, said in a statement last Thursday. "Since we announced our interest in the digital bank license back in June, we have had many parties approach us for partnerships." For its part, MAS said Singapore banking groups, which are already governed by the city-state's internet-only banking framework, can take minority stakes in the entities that will apply for the digital bank licenses. Foreign banks can take a minority stake in digital full bank applicants and any stake in digital wholesale bank entities.Digital-only banks are set to gain ground on traditional lenders across Asia Pacific over the next few years, according to Forrester.
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