Singapore digibanks applicants stay the course, with finances still key amid Covid-19

DESPITE the unknown stresses thrown up by the novel coronavirus, all 21 digital banking contenders in Singapore have stayed the course. The Business Times understands that no names have withdrawn from the race.

In response to queries on whether the pandemic has changed the way the applicants are assessed on their finances, the Monetary Authority of Singapore (MAS) told BT that the applicants' financial strength remains one of the priorities.

"An applicant group's financial strength is one of the key considerations that MAS takes into account when assessing its ability to manage a prudent and sustainable digital banking business," an MAS spokesperson said.