Lim Chung Chun, iFast chairman and chief executive, said a digital banking licence will allow the company to bring solutions to the small and medium-sized enterprises market that has been underserved by banks.
A digital wholesale bank licence will allow the successful licensee to serve SMEs and other non-retail segments. This is unlike digital full bank licences which will allow the licensee to take deposits from retail customers and provide a wide range of financial services.
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