Economic Affairs: Singapore's coming banking revolution

The entry of digital-only banks will be a game changer for the industry, and for consumers

We are approaching the end of banking as we know it in Singapore. In its place will be a brave new world with digital banking at the forefront.

Next month, the Monetary Authority of Singapore (MAS) will invite applications for licences for five digital banks, including two retail banks and three wholesale banks.

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A version of this article appeared in the print edition of The Straits Times on July 03, 2019, with the headline 'Singapore's coming banking revolution'. Print Edition | Subscribe