Economic Affairs

The coming banking battles: Digibanks will face challenges but will also enjoy advantages

Digibanks will face challenges but will also enjoy advantages

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.

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A version of this article appeared in the print edition of The Straits Times on January 15, 2020, with the headline 'The coming banking battles'. Print Edition | Subscribe