<div class=newsTextDataWrapInner><p dir="auto">SINGAPORE (June 28): Singapore's central bank said on Friday it would offer up to five digital bank licences to suitable applicants, in a move that could deliver the biggest shake-up in two decades in a market dominated by local banks.</p></div>

<div class=newsTextDataWrapInner><p>"The new digital bank licences mark the next chapter in Singapore's banking liberalisation journey," said Tharman Shanmugaratnam , senior minister and chairman of the Monetary Authority of Singapore (MAS).</p></div>

<div class=newsTextDataWrapInner><p>"We welcome firms with innovative value propositions to apply for the digital bank licences, even if they have not yet established a track record in banking," Shanmugaratnam said at an annual event of the Association of Banks in Singapore.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The&nbsp;MAS&nbsp;said in a statement that it will issue up to two full digital bank licences to companies headquartered in Singapore and controlled by Singaporeans.</p></div>

<div class=newsTextDataWrapInner><p>Foreign firms are eligible for these licences if they form a joint venture with a Singapore company, and the venture meets the headquarter and control requirements.</p></div>

<div class=newsTextDataWrapInner><p>It expects to invite applications in August.</p></div>

<div class=newsTextDataWrapInner><p>The&nbsp;MAS&nbsp;said it will also issue up to three digital wholesale bank licences which will be open to both local and foreign players.</p></div>

<div class=newsTextDataWrapInner><p>Singapore's local banking market is dominated by DBS Group Holdings Ltd, Oversea-Chinese Banking Corp and United Overseas Bank Ltd.</p></div>


SINGAPORE (June 28): Singapore's central bank said on Friday it would offer up to five digital bank licences to suitable applicants, in a move that could deliver the biggest shake-up in two decades in a market dominated by local banks.

"The new digital bank licences mark the ...

Singapore to offer up to five digital bank licences

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