Singapore latency Digital Bank license evaluation 21 application results postponed to the second half of the year

The Singapore financial regulatory authority announced on April 9 that it will extend the evaluation period for Digital Bank licenses. The results of the applications, originally scheduled to be announced in June this year, will be postponed to the second half of the year. The regulatory authority stated that this decision aims to allow applicants to focus their resources and efforts on addressing the impacts of the pandemic, while also enabling regulators to better ensure the stability of the monetary and financial system.

At the beginning of the year, regulatory authorities revealed that they had received 21 applications for Digital Bank licenses and planned to announce the list of successful applicants in June. The approved institutions were originally scheduled to begin operations in mid-2021. However, with the increasing impact of the pandemic, this timeline had to be adjusted.

At the end of June last year, Singapore's regulatory authorities announced a pilot program to issue 5 digital bank licenses, aimed at providing opportunities for non-bank background enterprises to conduct banking business locally. These 5 licenses include 2 full digital bank licenses and 3 digital wholesale bank licenses targeted at Singapore's small and medium-sized enterprises and other non-retail sectors.

According to the list of applicants published at the beginning of the year, several well-known technology companies also participated in this application. Among them, two Chinese internet giants applied for Digital Bank licenses. Additionally, it was reported that a Chinese smartphone manufacturer formed a strategic alliance with several financial and energy companies to jointly submit a license application to the regulatory authorities. Furthermore, a gaming peripheral manufacturer and a Southeast Asian ride-hailing giant also applied for a full Digital Bank license and a Digital Bank license respectively.