Select a page

Banking News

Grab-Singtel, Sea Awarded Digital Full Bank Licences in Singapore

Grab-Singtel, Sea Awarded Digital Full Bank Licences in Singapore

(10 December 2020 – Singapore) The Grab-Singtel consortium and Sea have been selected to receive the digital full bank licences (DFBs) in Singapore, with the Monetary Authority of Singapore (MAS) saying the pair selected were "clearly stronger" than the rest of the pack.

Meanwhile digital wholesale bank licenses (DWBs) were awarded to two Chinese linked entities – Ant Group and a consortium comprising of Greenland Financial Holdings, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.

DFBs will be allowed to take deposits and provide banking services to both retail and corporate customers, while DWBs can only target small and medium-sized businesses and other non-consumer segments. 

These digital banks are expected to start business from early 2022.

"MAS applied a rigorous, merit-based process to select a strong slate of digital banks. We expect them to thrive alongside the incumbent banks and raise the industry's bar in delivering quality financial services, particularly for currently underserved businesses and individuals. They will further strengthen Singapore's financial sector for the digital economy of the future," said MAS managing director Ravi Menon.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.