OCBC in talks with Singtel about Singapore virtual bank license

Singapore’s second-largest bank would take a minority stake in any virtual-banking joint venture and sees it as a way to tap new customers and markets, the people said, requesting anonymity because the talks are confidential. For example, Singtel might have clients for its phone services that don’t bank with OCBC, one of the people said.

OCBC’s discussions are preliminary ahead of more details on the conditions for the new license applications which the MAS is expected to issue later this month, the people said. The eventual choice of partners may change depending on licensing conditions, they added. A Singtel representative declined to comment. The company’s Chief Executive Officer Chua Sock Koong said earlier this month that her company is studying the prospects for a virtual license.

The MAS’s initiative adds to the digital units that local lenders have been allowed to set up since 2000. The central bank said it will award up to two licenses for new retail banks and as many as three for lenders to small and medium-sized enterprises.

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