Monetary Authority of Singapore will issue a digital banking license at the end of this year

The Monetary Authority of Singapore will issue a digital banking license at the end of this year

Meng Wenneng, the Secretary for Financial Administration of Singapore, said in an interview with Bloomberg today (25th) that Singapore will issue a digital banking license by the end of this year as planned.

Meng Wenneng said that Singapore’s requirements for digital banking license applicants include the ability to provide good services, appropriate risk management, and smooth delisting strategies.

Singapore expects to issue up to five pure digital banking licenses by the end of this year. Ant Group and Bytedance Ltd all participated in the bidding.