UPDATE 1-Singapore receives 21 applications for digital bank licences [Reuters]
SINGAPORE TELECOM S/ADR (SGAPY)
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Source: Reuters
Singapore receives 21 applications for digital bank licenses SINGAPORE (Reuters) - Singapore has received 21 applications for digital bank licenses, comprising 7 applications for retail licenses and the balance for wholesale bank licenses, the island state’s central bank said in a statement on Tuesday. Singapore’s biggest liberalization of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and offer services that differ from incumbents, including DBS Group ( DBSM.SI ) and OCBC ( OCBC.SI ). The central bank said the digital bank application process had attracted strong interest from a diverse group of companies. “These include e-commerce firms, technology and telecommunications companies, FinTechs (such as crowd-funding platforms and payment services providers) and financial institutions,” said the statement from the Monetary Authority of Singapore. Alibaba Group ( BABA.N ) affiliate Ant Financial, a venture of Singapore Telecommuni
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