SINGAPORE - At least one of the parties in a group applying for one of the new digital banking licences must have a track record of at least three years operating a business in the technology or e-commerce field.. Read more at straitstimes.com.
SINGAPORE - At least one of the parties in a group applying for one of the new digital banking licences must have a track record of at least three years operating a business in the technology or e-commerce field.It noted that such a party must hold at least 20 per cent of the total issued shares in the proposed digital bank.There will be no more than two licences for a digital full bank and up to three for a wholesale digital bank.
Several companies have already signalled their interest, including listed firms Razer and Singtel, ride-hailing firm Grab and peer-to-peer lender Validus Capital. They must incorporate the"innovative use of technology to serve customer needs and reach under-served segments of the Singapore market"An applicant will also be assessed on its ability to manage a"prudent and sustainable" digital banking business, as well as its growth prospects.
A bank in this initial phase can only operate overseas bank branches or subsidiaries in no more than two other markets.
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