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Can Singapore banks fend off new challengers as city-state grants digital bank licences?

Stanislaus Jude Chan
Stanislaus Jude Chan7/4/2019 12:13 PM GMT+08  • 4 min read
Can Singapore banks fend off new challengers as city-state grants digital bank licences?
SINGAPORE (July 4): DBS Group Holdings (DBS), Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) have enjoyed a decades-long dominance of the banking market in Singapore.
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SINGAPORE (July 4): DBS Group Holdings (DBS), Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) have enjoyed a decades-long dominance of the banking market in Singapore.

But a decision by the central bank to grant up to five digital bank licenses to non-bank players is about to shake up the market.

The Monetary Authority of Singapore (MAS) last week announced it will grant as many as two digital full-bank (DFB) licenses and up to three digital wholesale bank (DWB) licenses.

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