Interested parties have until 31 December to submit applications.

The Monetary Authority of Singapore (MAS) has now begun accepting applications for five digital bank licences, comprising of two digital full bank licences and three digital wholesale bank licences, an announcement revealed.

Interested parties have until 31 December to submit applications.

MAS noted that digital full banks will be allowed to take deposits from and provide a wide range of financial services to retail and non-retail customer segments, whilst digital wholesale banks will be permitted to serve SMEs and other non-retail segments.

The entity requires applicants to meet the eligibility criteria for business track record, fit and proper shareholders, directors and management, capital commitment, a clear value proposition and a sustainable business model, to be considered. Applicants for the digital full bank licence must additionally be anchored in Singapore, controlled by Singaporeans and headquartered in Singapore.

Applicants that are deemed eligible will be assessed by their value proposition, ability to manage a prudent and sustainable digital banking business and growth prospects and other contributions to Singapore&rsquo s financial centre.

MAS says that they are looking to announce the licensees in mid-2020 and the successful applicants will be expected to commence operations by mid-2021.

So far, iFast and InstaReM has expressed plans to apply for the said licences.