On 4 December 2020, the Monetary Authority of Singapore (“MAS”) announced that they will award digital full bank licenses to the Grab-Singtel consortium and Sea Group, while granting wholesale bank licenses to Ant Group and a consortium comprising of Greenland Financial Holdings, Linklogis Hong Kong & Beijing Co-operative Equity Investment Fund Management. The share prices of Sea Group and Singtel immediately rose on the back of these news, but nobody really knows what do these licenses mean. In order to help you make better long term decisions, we are going to cover the 3 questions below: What is the difference between a digital full bank license and a digital wholesale bank license? What does this mean for us? How can we benefit from these new licenses? Digital full bank license vs Digital wholesale bank license In a nutshell, having a bank license allows the company to take...