No digital bank, in the purest sense of the term, currently exists in Singapore. While there are many fintechs, most provide only digital financial services that do not require a banking license: digital wallet services, cross-border payments and various virtual- asset-focused services. A digital bank (also known as a “neobank” or “virtual bank”) differs in that it is licensed to both accept customer deposits and issue loans, whether to retail customers, corporate customers or both. Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) plans to release five
digital bank licenses in total and will announce the successful licensees in the second half of 2020. The licensed digital banks will likely then launch in mid-2021.
Kapronasia and Equinix are pleased to bring you the Building A Customer-centric Digital Bank in Singapore: It Takes An Ecosystem.