MAS to issue up to five digital bank licences

June 28, 2019

Senior Minister Tharman Shanmugaratnam announced that the Monetary Authority of Singapore (MAS) will be issuing up to five new digital bank licences to meet emerging trends in the industry. Some experts say that payment firms, crowdfunders and institutional investors are likely to be interested in such licences as this would give them greater access to the region and new funding sources. However, they also warned that risks remain, and regulators will have to keep an eye on data security, money laundering and terrorist financing.

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