If you haven’t heard of it, Digital Banking has been the talk of the town in recent months. And just last week, 14 out of 21 applicants have been shortlisted for the second round of selection process.
But before we delve into that, here’s a quick background on the digital banking space thus far.
Quick Background on Digital Banking Singapore
Simply put, a digital bank offers the same type of banking services akin to traditional banks except it operates entirely online. Customers of a digital bank can control their finances entirely from their smartphones and computers.
Other major nations such as Japan and South Korea have already seen the set-up of digital banks. Singapore’s biggest rival in the financial sector – Hong Kong has already started issuing digital banking license in March 2019.
Hence Monetary Authority of Singapore (MAS) recognised the need for digital banking and has recently kicked off the application process (which has closed on 31 Dec 2019).
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