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Companies go 'speed dating' in race for Singapore digital bank licenses: sources

Reuters
Reuters12/3/2019 03:00 PM GMT+08  • 3 min read
Companies go 'speed dating' in race for Singapore digital bank licenses: sources
SINGAPORE (Dec 3): About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore’s digital bank licenses, sources said. 
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SINGAPORE (Dec 3): About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore’s digital bank licenses, sources said.

Singapore’s biggest liberalization of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and therefore offer different services than those of incumbents including DBS Group and OCBC.

But some conditions are stiffer than in other markets such as Hong Kong, including requiring $1.5 billion in paid-up capital for retail banks and local control. This is necessitating bidders to team up to combine banking know-how, consumer facing technology expertise and deep pockets.

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