"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.
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 next chapter in Singapore's banking liberalisation journey," said Tharman Shanmugaratnam , senior minister and chairman of the Monetary Authority of Singapore (MAS).
