Vertex-backed Validus to apply for Singapore digital-banking licence

SINGAPORE'S largest peer-to-peer lending platform Validus Capital will apply for a digital banking licence here, joining a growing chorus of non-bank challengers looking to edge into this new space.

Validus, which is backed by Temasek Holding's Vertex Ventures, told The Business Times (BT) on Wednesday that it will apply for a licence once applications are open by the Monetary Authority of Singapore (MAS) in August.

BT understands it is currently engaged with the regulator to understand if it should apply for the digital full-bank licences, or the digital wholesale bank licences. Singapore last Friday said it plans to issue a maximum of five new digital-bank licences, comprising up to two digital full-bank licences, and up to three digital wholesale bank licences.