Singapore to Issue New Digital Banking Licenses to Non-Banks
- As many as five extra licenses to strengthen competition
- Ride-hailing giant Grab considers applying for virtual license
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Singapore will issue as many as five new digital bank licenses to non-bank firms as the island nation seeks to strengthen competition in financial services, according to one of its top regulators.
“We welcome firms with innovative value propositions to apply for the new digital bank licenses, even if they have not yet established a track record in banking,” Monetary Authority of Singapore Chairman Tharman Shanmugaratnam said in a speech at the annual banking industry dinner on Friday. At the same time, the regulator “will not allow value-destructive competition to the detriment of long-term financial system stability,” he said.