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It has been six months since The Monetary Authority of Singapore (MAS) announced the four successful applicants for Singapore’s inaugural digital banks.
A Grab-Singtel consortium and SeaMoney (an entity wholly owned by Sea Group) snagged digital full bank (DFB) licenses to provide retail and corporate banking services.
Meanwhile, Ant Group and a consortium headlined by Greenland Financial Holdings secured digital wholesale bank (DWB) licenses to serve the financial needs of small and medium-sized businesses (SMEs).
While the digital banks are only expected to turn operational in 2022, there have been notable developments since the licensing announcement in December last year.