The Monetary Authority of Singapore (MAS) has approved licenses for four digital banks, including Jack Ma’s Ant Group, allowing them to operate in Singapore.
- MAS said there were 14 applicants that had to meet a list of requirements and licensing pre-conditions before MAS granted them banking licences. Only four were approved.
- The four approved digital banks include the Ant Group Co, Grab Holding Inc., Sea Limited, and Greenland Consortium.
- The approved digital banks will be able to start operating from Singapore in early 2022 in the hope they will strengthen Singapore’s financial sector for the digital economy of the future, MAS said.
- “MAS applied a rigorous, merit-based process to select a strong slate of digital banks. We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said Ravi Menon, managing director of MAS.