Singapore expects new digital banks to start by mid-2021

Digital banking isn’t new in Singapore, where the regulator has allowed local lenders to pursue online-only business models since 2000. — Bloomberg

Singapore plans to award licenses for its new digital banking initiative by mid-2020, with successful applicants expected to start business a year later, its financial regulator said.

Applications must be submitted by the end of this year and the Monetary Authority of Singapore will assess them based on various criteria including growth prospects, it said in a presentation Thursday.