The Monetary Authority of Singapore (MAS) today announced that 14 lucky contenders for an electronic banking licence are through to the next round.
Seven of the 21 applications were booted out, not meeting the “… eligibility criteria required for the application to be considered.”
MAS, in full tease mode, revealed no names, but did say that the “…eligible applicants, comprising five digital full bank (DFB) applicants and nine digital wholesale bank (DWB) applicants, will progress to the next stage of assessment.”
And the next stage is a barbershop quartet routine made up of the executive board. No, only joking! The next stage of the assessment involves the 14 eligible applicants presenting their proposals via virtual meetings.
MAS highlighted the fact that applicants will then be shortlisted based on their: (i) value proposition and business model, incorporating the innovative use of technology; (ii) ability to manage a prudent and sustainable digital banking business; and, (iii) growth prospects and other contributions to Singapore’s financial centre.
Due to the COVID-19 pandemic, MAS has asked all the eligible applicants to review the business plans and assumptions underpinning their financial projections, including sources of funding, and provide an independent review of these assumptions.