UPDATE 1-Singapore sets guidelines for digital banks, move could shake-up lending [Reuters (UK)]
SINGAPORE TELECOM S/ADR (SGAPY)
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Source: Reuters
Singapore sets guidelines for digital banks, move could shake-up lending - Reuters 3 Min Read SINGAPORE (Reuters) - Singapore’s central bank kicked off on Thursday the application process for up to five new digital bank licenses and issued detailed guidelines for potential contenders. The entry of new players could lead to the biggest shake-up in two decades in a market dominated by local banks DBS Group Holdings Ltd ( DBSM.SI ), Oversea-Chinese Banking Corp ( OCBC.SI ) and United Overseas Bank Ltd ( UOBH.SI ). “The new digital bank licenses, which will be extended to non-bank players, will ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant,” the Monetary Authority of Singapore (MAS) said in a statement. The MAS, which had flagged the liberalization of the sector in June, said on Thursday that it would accept applications until the end of the year. Asia’s non-banking firms have been keen to challenge traditional banks by leveraging their te
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