In the Asia-Pacific region, Japan, South Korea as well as China already have digital banks in their markets. Both Hong Kong and Taiwan issued digital bank licences also in 2019 and in second half of 2020, Singapore will also do so.

What's a digital bank? Think online travel agent

It's NOT to be confused with digital banking with the DBS or OCBC or UOB online banking services we use. A digital bank will NOT have a physical front. Shopping mall space is expensive to rent and banking staff is not cheap to hire. Hence, it is a reduced cost approach will enable it to invest more on I.T. (hopefully)... Think about online travel agents like Expedia.com or Booking.com! Interaction with you almost entirely online.

Some of the most known applicants are as shown above. There will be FIVE licenses granted of which TWO are FULL DIGITAL BANK LICENSE. This is the one that will be retail level, collecting our deposits and dispersing our loans to us. The other 3 are going to target businesses and SMEs