MAS said that applicants must have a track record of at least three years in an existing business within the technology or e-commerce fields.
There must be at least one individual in the applicant groups to hold a minimum 20 per cent stake in the proposed digital bank or who is in a position to control voting power of at least 20 per cent. The restricted digital full bank will be in this phase for one to two years, with the deposit cap and minimum paid-up capital increased progressively.
Additionally, digital full banks - regardless of which phase they are in - will only be allowed to operate one physical place of business and are not allowed to access the network of ATMs or cash deposit machines, but will be able to offer cashback services through electronic funds transfer at point of sale terminals at retail merchants.
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