[Disclaimer: Opinions are our own and does not reflect the actual features of the Grab-Singtel and Sea digital bank.]
Last year, the Monetary Authority of Singapore (MAS) announced the grant of digital bank licenses to four winning applicants.
It awarded digital full bank licenses to the Grab-Singtel consortium and Sea, as well as digital wholesale bank licenses to Ant Group and a consortium comprising Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management.
MAS’ intention is for a digital full bank to eventually be able to conduct all banking businesses as existing banks, which aims to serve both retail and corporate consumers.
Like a traditional bank, digital banks provide Singaporeans with banking services like an account, deposits, loans, debit and credit cards, payments and investment products.
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