MAS said there were 14 applicants that had to fulfill a list of criteria and pre-conditions for licensing before they were given banking licenses by MAS and there were only four approved. The four approved digital banks include the Ant Group Co, Grab Holding Inc., Sea Limited, and Greenland Consortium.
The authorised digital banks would be able to start operating out of Singapore in early 2022 in the expectation that they will improve the digital economy of the future in Singapore’s financial sector, MAS said.“MAS applied a rigorous, merit-based process to select a strong slate of digital banks. We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said Ravi Menon, managing director of MAS.
