OCBC ends digital wholesale bank move with Keppel, Validus

A PROMINENT consortium comprising OCBC, Validus Capital, Keppel Corporation and Vertex Ventures has decided against applying for a digital wholesale banking licence, BT understands.

The late breakdown in talks, BT understands, comes as Keppel is undergoing a strategic review of its core operations, with Temasek Holdings due to take control of the conglomerate via a partial offer.

OCBC and Validus declined comment when contacted. Keppel has yet to respond to an email from BT requesting comment.

The Monetary Authority of Singapore will allow up to two licences for a digital full bank - which can take retail deposits - on top of offering up to three licences for a digital wholesale bank.

Digital banking applications in Singapore close on Tuesday.