SINGAPORE (June 18): The Monetary Authority of Singapore (MAS) has announced that 14 of the 21 digital bank applicants have met the eligibility criteria required for the application to be considered.

See: Singapore to offer up to five digital bank licences

The applicants, comprising five digital full bank (DFB) applicants and nine digital wholesale bank (DWB) applicants, will progress to the next stage of assessment.

This comes after MAS received 21 digital bank applications in January. Of the 21 applications, there are seven DFB applications and 14 DWB applications.

See also: 21 groups submit bids for Singapore digital bank licences: MAS

During the next stage of assessment, the 14 eligible applicants will present their proposals to MAS virtually.

Applicants will then be shortlisted based on their value proposition and business model. They will also be assessed based on their incorporating the innovative use of technology, ability to manage a prudent and sustainable digital banking business.

See also: MAS sets high bar for digital bank applicants

Growth prospects and other contributions to Singapore’s financial centre will also be taken into consideration.

As the applications were received in late 2019, MAS has asked all eligible applicants to review the business plans and assumptions underpinning their financial projections, including sources of funding, and provide an independent review of these assumptions, following the impacted macroeconomic and business conditions following the outbreak of the Covid-19 pandemic this year.

The request will not affect the timeline to award the digital bank licences by the end of this year, says MAS.