Singapore sees growing interest in digital bank licenses

Photo by Duy Nguyen on Unsplash

Singapore has received “strong interest” in its effort to open up the banking industry to fresh competition after 21 groups made bids for digital licenses, the financial regulator said.

A “diverse group” lodged applications, including e-commerce, technology and telecommunications companies, the Monetary Authority of Singapore said in a statement on Tuesday, without identifying the parties. Seven were for digital full bank licenses, and 14 were for wholesale permits, it said.

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