If You Want to Be My Digibank, You’ve Got to Get With the Programme: Singapore clarifies the eligibility criteria for digital banks

On 28th June 2019, the Monetary Authority of Singapore (MAS) announced that it will issue up to five new digital banking licenses. For the first time, following Hong Kong’s move earlier this year, MAS applications are being opened to firms with no track record in banking. MAS expects to grant licenses in mid 2020 and start business by mid 2021.