Singapore digital bank aspirants down to 14

MAS asked the applicants to update their business plans and financial projections.

Fourteen of the 21 digital bank applications have moved one step closer to obtaining a digital bank license, according to an announcement by the Monetary Authority of Singapore (MAS).

The applicants, who are yet to be named, will present their proposals to MAS via virtual meetings.

From there, they will be shortlisted based on the value of their proposition and business model, the ability to manage a prudent and sustainable digital banking business, and growth prospects and other contributions to Singapore’s financial centre.

The regulator has asked the eligible applicants to review their business plans and financial projections given ongoing macroeconomic disruptions as a result of the COVID-19 pandemic.
MAS does not expect this to affect the timeline for award of the digital bank licences by the end of this year.

“MAS has reviewed all the applications received against the eligibility criteria announced on 29 August 2019,” the announcement read.

The regulator originally received 21 digital applications comprising seven DFB applications and 14 DWB applications.