The MAS first announced in June last year that it would issue up to five digital banking licences to non-bank players, in one of the country’s biggest steps to liberalise its banking sector.The assessment period for the online-only banks wasMAS on Friday said its assessment was “done on a holistic basis” that took into account “all relevant considerations for each criterion”.
“The two selected DFB applicants were clearly stronger than the other eligible DFB applicants,” MAS said in its press release. As the digital wholesale bank licences are introduced as a pilot, MAS said it"will review whether to grant more of such licences in the future". They offer services that one can expect from conventional banks, such as accepting deposits, loans, facilitating payments and loans, except that these will be performed online as these banks do not have physical branches.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.