Covid-19 widens field for new digital banks as inclusion gap narrows
MAS sticks to plans of up to five digital banks in Singapore; keeps path to profitability timeline intact
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Singapore
THE Monetary Authority of Singapore (MAS) is sticking to its planned number of digital bank licences that it will issue, with the regulator "impressed" by the quality of applications that have been reviewed, said its top official.
It has also not dramatically changed the timeline for new digital banks - up to five will be awarded licences by MAS by year-end - to establish a path to profitability on a five-year financial projection.
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