On 28 June 2019, the Monetary Authority of Singapore (“MAS”) announced that it will issue up to five new digital bank licenses. This is in addition to any digital banks that Singapore banks may also establish under the existing internet banking framework introduced in 2000.

MAS’ decision would extend digital bank licenses to non-bank players. The entry of new digital players will add diversity and help strengthen Singapore’s banking system in the digital economy of the future. With innovative business models and strong digital capabilities, these players can cater to under-served segments of the market. They will provide impetus for existing banks to continue enhancing the quality of their digital offerings.