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.

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