The Monetary Authority of Singapore said on Tuesday it is studying whether to admit digital-only banks that have emerged out of fintech firms as licensed entities.THE Monetary Authority of Singapore said on Tuesday it is studying whether to admit digital-only banks that have emerged out of fintech firms as licensed entities.
This comes as MAS clarified that since 2000, Singapore-incorporated banks have been allowed to set up banking subsidiaries to pursue digital-only business models. It said that Singapore’s banking market is well served by many local and foreign banks offering a full suite of services, through both digital and non-digital channels. MAS added that banks are also actively improving their digital offerings in cooperation with fintech companies."That said, banks are not alone in harnessing digitalisation.
“MAS is studying whether to admit such digital-only banks with non-bank parentage. We have been engaging relevant stakeholders to ascertain the unique value that such entrants could bring to our banking landscape, and understand how potential risks will be managed and contained.”
Source: News Formal (newsformal.com)
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