Companies go 'speed dating' in race for Singapore digital bank licences: Sources

SINGAPORE: About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore's digital bank licences, sources said.

"There is a lot of speed dating going on," said Varun Mittal, who heads the emerging markets fintech business at consultancy EY.Singapore's central bank will issue up to two retail and three wholesale bank licences. Retail banks can accept deposits from and offer services to both retail and non-retail customers but must be led by a Singapore-based company. Wholesale banks will mostly serve small and medium enterprises .

Alibaba Group affiliate Ant Financial and Singapore gaming company Razer are among others considering seeking licences.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies hunt for talent as Singapore tech sector continues to growSINGAPORE: As a child, Huang Wei Long liked to tinker with his action figures and reconfigure their battery parts. When he grew older, he moved on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China’s growing business presence in SingaporeChinese companies have pumped $41.8 billion into Singapore by end-2018. Here's a look at where the money has been invested.
Source: The Straits Times - 🏆 8. / 63 Read more »