Brokers' take

Singapore banks | Overweight (maintained) UOB Kay Hian, July 1

The Monetary Authority of Singapore (MAS) will issue up to five new digital bank licences to non-bank players.

This includes up to two digital full bank (DFB) licences to provide financial services and take deposits from retail customers and up to three digital wholesale bank (DWB) licences to serve small and medium-sized enterprises (SMEs) and other non-retail segments.

Applicants for DFB licences must be headquartered in Singapore and controlled by Singaporeans. Foreign companies have to form joint ventures with a Singapo…