SINGAPORE - The granting of up to five new digital bank licences in Singapore will increase competition within the sector, but is unlikely to threaten the dominance of DBS Bank, OCBC Bank and UOB, Fitch Ratings said on Tuesday (Sept 3).. Read more at straitstimes.com.
SINGAPORE - The granting of up to five new digital bank licences in Singapore will increase competition within the sector, but is unlikely to threaten the dominance of DBS Bank, OCBC Bank and UOB, Fitch Ratings said on Tuesday .
MAS will announce in mid-2020 up to two digital full bank licences that allow access to retail deposits, and up to three digital wholesale bank licences catering to SMEs and other non-retail segments. Digital full banks will have to meet the same capital and liquidity requirements as existing local banks as well as the same consumer lending rules, such as limits on unsecured credit extended and loan-to-value ratios for mortgages.
The digital banks will also increase pricing competition for deposits as they become more established and seek to develop their funding bases. With Singtel already signalling interest publicly, its peer M1 - which is part of the Keppel conglomerate - has also left the door open to the option. Other names bandied about include property firms and utilities providers that are unusual parties to digital banking partnerships, BT understands.
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