Applicants for Singapore's new digital bank licences will have to hit the mark on a range of criteria, ranging from innovation to having a track record in the e-commerce or technology field.
The Monetary Authority of Singapore (MAS), which kicked off the application process yesterday, also said applicants must show a path towards profitability. Other criteria include being able to reach under-served market segments. Analysts say this could mean young millennials and start-ups.
The requirements suggest that regulators are seeking players who will add value to the current system rather than eat into other segments, say experts.
MAS will be issuing up to two licences for digital full banks and three for digital wholesale banks.
Applications are open till Dec 31, with the results out in mid-2020.