SINGAPORE (June 28): Singapore's central bank said on Friday it would offer up to five digital bank licences to suitable applicants, in a move that could deliver the biggest shake-up in two decades in a market dominated by local banks.

"The new digital bank licences mark the next chapter in Singapore's banking liberalisation journey," said Tharman Shanmugaratnam , senior minister and chairman of the Monetary Authority of Singapore (MAS).

"We welcome firms with innovative value propositions to apply for the digital bank licences, even if they have not yet established a track record in banking," Shanmugaratnam said at an annual event of the Association of Banks in Singapore.