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Nikkei Markets

Singapore sets tough conditions for aspiring digital banks

Winner of digital banking licences will be announced in mid-2020

SINGAPORE (Nikkei Markets) -- Singapore said on Thursday that it will begin accepting applications for up to five new digital bank licences, beginning the process of selecting players keen to make inroads into the city-state's lucrative banking market.

The Monetary Authority of Singapore said interested parties have until Dec. 31, 2019 to submit their applications, and that the winners will be selected in mid-2020. Successful bidders will then have 12 months to meet the requirements set by MAS before commencing business in mid-2021.

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