News Reg­u­la­tor

Banking Frontiers - - Contents -

The Mon­e­tary Au­thor­ity of Sin­ga­pore has stip­u­lated that at least one of the par­ties in a group ap­ply­ing for one of the new dig­i­tal bank­ing li­censes must have a track record of three or more years op­er­at­ing a busi­ness in the tech­nol­ogy or eCom­merce field. The reg­u­la­tor has now come out with sev­eral cri­te­ria for grant­ing li­censes for dig­i­tal banks. It is ac­cept­ing ap­pli­ca­tions for the new dig­i­tal bank li­censes un­til 31 De­cem­ber. There will be no more than 2 li­censes for a dig­i­tal full bank and up to 3 for a whole­sale dig­i­tal bank. Dig­i­tal full banks are sub­ject to the same reg­u­la­tory re­quire­ments as ex­ist­ing banks, in­clud­ing rules re­lat­ing to tech­nol­ogy risks, money-laun­der­ing and ter­ror­ism fi­nanc­ing. Sev­eral com­pa­nies have al­ready sig­naled their in­ter­est, in­clud­ing listed firms Razer and Sing­tel, ride­hail­ing firm Grab and peer-to-peer lender Validus Cap­i­tal. At least 5 eWal­let op­er­a­tors, in­clud­ing star­tups Liq­uid Group and MatchMove Pay, are con­sid­er­ing ap­ply­ing as well

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