Digital banks could mean lower costs for consumers

Analysts cite low cost base of digital-only banks, and tout more solutions on offer

The Monetary Authority of Singapore is issuing up to five digital banking licences by the middle of this year - two full-bank licences that permit retail banking, and three for wholesale banking. PHOTO: ST FILE
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The greatest beneficiaries of digital-only banks will be consumers, analysts said, amid a flurry of announcements from contenders who have put their names in the hat for up to five digital bank licences.

Seven applications were submitted for up to two full bank licences, while 14 bids were made for up to three wholesale bank licences, the Monetary Authority of Singapore (MAS) announced yesterday.

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A version of this article appeared in the print edition of The Straits Times on January 08, 2020, with the headline Digital banks could mean lower costs for consumers. Subscribe