14 digital bank applicants to move to next stage of assessment: MAS

Singapore

THE Monetary Authority of Singapore (MAS) on Thursday said that 14 out of the 21 digital bank applications will progress to the next stage of assessment. This was after they had met the eligibility criteria.

Five of the 14 left standing are digital full bank applicants, while nine are digital wholesale bank applicants. The MAS did not name the shortlisted applicants. The central bank and regulator had received 21 digital bank applications in January 2020. This means that two out of the seven applicants for the digital full bank licences are out, while five applicants for the digital wholesale bank licences failed to make the cut.