The Monetary Authority of Singapore on Thursday said that 14 out of the 21 digital bank applications will progress to the next stage of assessment. This was after they had met the eligibility criteria.THE Monetary Authority of Singapore on Thursday said that 14 out of the 21 digital bank applications will progress to the next stage of assessment. This was after they had met the eligibility criteria.
In the next stage of assessment, the 14 applicants will be invited to present their proposals via virtual meetings. They will then be shortlisted based on their value proposition and business model which incorporates the innovative use of technology, as well as their ability to manage a prudent and sustainable digital banking business. The MAS will also look at the applicant's growth prospects and other contributions to Singapore's financial centre.
Source: News Formal (newsformal.com)
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