The Monetary Authority of Singapore (MAS) has shortlisted 14 applications out of the 21 submitted to issue up to five digital banking licences.

The central bank said there are now five digital retail bank applicants and nine digital wholesale bank applicants. These applicants will progress to the next stage of assessment.

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According to sources, some of these applicants include internet firm Sea, a Grab-Singtel JV, Razer, iFast, Ant Financial as well as fintech MatchMove and Singapura Finance.

In the next stage, the regulator will invite the 14 shortlisted applicants to present their proposals virtually in order to be accepted as eligible licensees.

The further shortlisting will be based on their value proposition and business model, the ability to manage a prudent and sustainable digital banking business and, growth prospects and other contributions to Singapore’s financial centre.

Due to the emergence of the Covid-19 pandemic, the MAS has advised the applicants to review their business plans and financial projections and provide a separate review on each.

MAS said it will issue up to two digital retail banking licences and three digital wholesale banking licences by the end of this year.

Initially, when the regulator received the applications back in January 2020, there were seven digital retail bank applications and 14 digital wholesale bank applications.