ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Finance

Tech-savvy upstarts race for Singapore digital banking licenses

More than 40 companies set to apply for five slots by Dec. 31

Singapore's central bank hopes that a group of tech-savvy new entrants will be able to carve a niche among the country's 150 deposit-taking institutions with a total asset size of $2 trillion. (Nikkei Montage)

SINGAPORE -- A wide array of tech-savvy startups are lining up to apply for Singapore's first batch of digital banking licenses as the global financial hub strives to encourage a new wave of technological innovation.

With ride-hailing superapp Grab and telecoms giant Singtel already considering applying for a banking license, other fintechs in Singapore likely to apply include FOMO Pay, MatchMove, Funding Societies, MaxFinx, Xfers and oCap.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more