SINGAPORE (June 18): Internet-based investment products distribution platform iFAST Corporation has confirmed that it is one of the digital bank applicants to meet the eligibility criteria to progress to the next stage of assessment.

The Monetary Authority of Singapore (MAS) announced on Thursday morning that 14 of the 21 digital bank applicants have met the eligibility criteria required for the application to be considered.

See: 14 digital bank applicants eligible for next stage of assessment, says MAS

iFAST who is one of the nine digital wholesale bank (DWB) applicants, confirmed its bid for one of the licenses to be given out in Singapore on Jan 3.

See also: iFast confirms bid for digital bank license; AUA crosses $10 billion in 2019

Shares at iFAST closed 1 cent lower, or 0.9% down, at $1.15 on Thursday, prior to the announcement.