The Monetary Authority of Singapore (MAS) last week announced it will grant as many as two digital full-bank (DFB) licenses and up to three digital wholesale bank (DWB) licenses.
SINGAPORE (July 4): DBS Group Holdings (DBS), Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) have enjoyed a decades-long dominance of the banking market in Singapore.
But a decision by the central bank to grant up to five digital bank licenses to non-bank players is about to shake up the market.
