MAS said applicants must show a"clear value proposition" to meet underserved needs using technology. Among other requirements, at least one entity in the applicant group should hold a minimum three-year track record in operating an existing technology or e-commerce business.
A digital full bank - which can take retail deposits - must be anchored in Singapore, controlled by Singaporeans, and headquartered in Singapore. At a restricted stage, it will first face a deposit-taking cap at up to S$50 million in total. Deposits per individual will be capped at S$75,000. MAS further said this restricted phase - which is mandatory to minimise risk to retail depositors and mitigate risks of untested business models - is expected to be one to two years, though MAS holds the final say on when the restriction would be lifted.
"An applicant which may expect to take more than five years to become fully functioning should reflect in its financial projections and business plans on the expected timeline and progress. MAS will assess the proposal based on the overall merits of the applicant's business proposition and reasonableness of the progression."
Source: News Formal (newsformal.com)
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