Companies go 'speed dating' in race for Singapore digital bank licenses: sources

Divyesh Vithlani, who leads Accenture’s financial services practice in ASEAN, said some applicants were teaming up to provide SMEs with accounting, payroll or insurance services as well as banking.Some contenders hope their wide-ranging customer data combined with new technology and nimble operations will help them win customers in a Singapore banking market that has over 150 deposit-taking institutions, with total assets of about $2 trillion.

FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren Singapore’s initiative follows moves elsewhere including in Hong Kong, which issued eight online-only banking licenses, four to consortiums.

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