digital banking licence

BNM has announced the five successful applicants for the digital bank licenses which include names such as Grab, Singtel and Sea.

The consortium will jointly submit an application for one of five digital banking licenses to be issued by Bank Negara Malaysia.

The company announced on Jan 6 that its assets under administration reached another record high level of $14.45 billion.

The primary target for the DBs is the underbanked in Singapore.

One analyst does not expect any impact on banks’ earnings until FY2022 when the digital banks start to operate.

What could a digital banking licence mean for Singtel?

Digital bank hopeful iFast notes that 3Q20 profit growth was substantially higher than the growth in revenue.

Standard Chartered PLC is planning its second digital-only bank in Asia, teaming up with a unit of Singapore’s biggest labor union, according to people familiar with the matter.

Singapore-listed financial services firm iFast Corp has reported record quarterly earnings for 2Q2020, as it collected higher recurring fees from a bigger pool of assets under administration.

Local fintech company and digital bank hopeful iFAST Corp is fast becoming a “beneficiary of digitalisation”, says DBS Group Research in a July 24 report. For 2Q2020, iFAST Corporation’s earnings surged 84.7% y-o-y to a record high of $4.53 million.