Singapore's quest to usher in a new era of digital-only banking has got off to a good start.

Last week, the Monetary Authority of Singapore announced that by the Dec 31 deadline, it had received 21 applications for the five digital bank licences on offer, comprising seven for the two digital full bank licences, which allow catering to retail customers, and 14 for the three digital wholesale bank licences, aimed mainly at corporates and entrepreneurs.