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)

DYLAN LOH, Nikkei staff writer

November 19, 2019 14:15 JST

Updated on November 19, 2019 14:40 JST

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.