On August 29, 2019, the Monetary Authority of Singapore (MAS) announced that it will begin accepting applications for new digital bank licenses. Interested parties have until December 31 to submit their applications. This follows the MAS’ initial announcement in June to issue up to two digital full bank (DFB) licenses and three digital wholesale bank (DWB) licenses, effectively opening up digital bank licenses to nonbank players.
The MAS has set out the details on the eligibility criteria and requirements for digital banks here, along with a set of FAQs, which is accessible here. The relevant application form can be found here. All applications must be emailed to Digital_Banks@mas.gov.sg.
This briefing provides a summary of the key eligibility and assessment criteria to qualify for a digital bank license.
Applications for the DFB or DWB licence must meet the following requirements:
Eligible applicants will then be assessed for the following: