Grab-Singtel Consortium and SEA (Shopee) Awarded Full Singapore Digital Banking License
According to an article in Business Times, the Grab-Singtel consortium as well as e-commerce conglomerate SEA have just won the digital full banking license from the Monetary Authority of Singapore (MAS).
Singapore takes a big step forward in fintech with the opening of digital banking license applications by the Monetary Authority of Singapore (MAS), allowing non-bank players to enter the market and serve consumers and businesses for the first time.
Announced in June 2019, MAS will award a total of five licenses: two full digital banking licenses that allow licensees to serve retail customers and receive depositsand three digital wholesale banking licenses to serve SMEs and non-commercial segments.
Grab-Singtel and SEA, which is the parent company behind the popular Shopee e-commerce platform, must meet all licensing requirements before receiving the full digital banking license.
With the new digital banking license, they will now be able to provide retail customers with services such as account openings, deposits, as good as debit and credit cards.
Complete digital banks can also be used corporate clients.
According to MAS, the new digital banks are likely to start operations from 2022.
Ravi Menon, Managing Director of MAS, added in a statement: “MAS has applied a rigorous merit-based process to select a strong selection of digital banks.”
“We expect them to thrive alongside incumbent banks and raise the bar in the industry by providing quality financial services, especially for currently underserved businesses and individuals. They will further strengthen Singapore’s financial sector for the digital economy of the future. “
Speaking about the new entrants to the digital banking industry, Shee Tse Koon, Head of DBS Bank in Singapore, said:
“We congratulate the successful applicants and welcome them to our world, where digital banking is already a reality. We believe the new entrants will inspire us all to do better and we will continue to focus on making banking more intuitive and invisible so our customers can live more and less banking. “
Our sincere thanks to