The banking and financial services industry (BFSI) is headed towards a revolution. The Monetary Authority of Singapore (MAS) is due to issue digital banking licenses to up to five new players within the second half of 2020. These licenses will allow non-bank entities to offer banking products and solutions. The licensing process, halted temporarily due to the Covid-19 pandemic, resumed in full force in June with a decision imminent. Applicants for the licenses are big players with serious ambition, capital, and a wide customer base such as Sea, ByteDance and a consortium featuring Grab and Singtel.

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