MAS recently announced the successful applicants for four new Singapore digital bank licenses. Of the four new licenses, two are digital full banks and another two are digital wholesale banks. This announcement follows a wave of digital banks that have already emerged across the world, including in the United States, United Kingdom and closer to home, Hong Kong and South Korea. In this article, we will explore the identities of these four new entrants, understand whether technology companies can indeed run banks, note the lessons from existing digital banks around the world, and finally assess the impact on the three local banks. Who are the four new license holders? A similar thread binds the choice of the four successful applicants: they are established technology companies with existing experience in digital financial services. Grab, while beginning as a ride hailing company, has now accumulated experience in running a payments and...