SINGAPORE (Jan 10): On Jan 7, the Monetary Authority of Singapore (MAS) announced that it had received seven applications for the two digital full bank (DFB) licences on offer, and 14 applications for the three digital wholesale bank (DWB) licences.

MAS says the new digital bank licences attracted strong interest from a diverse group of applicants which include e-commerce firms, technology and telecommunications companies, FinTechs (such as crowd-funding platforms and payment services providers) and financial institutions. “The majority of applicants are consortiums, with entities seeking to combine their individual strengths to enhance the digital bank’s value proposition,” MAS adds.

The applicants themselves have expressed confidence their consortiums have what it takes to reach out to millennials and the underserved. Razer Fintech, a unit of Hong Kong Exchange-listed Razer, announced it plans to establish Razer Youth Bank with a consortium (see table) if it is successful in its DFB application. Razer Fintech claims it has a “deep understanding of the lifestyle needs of the youths and millennials and be able to customise relevant products and services”.

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