Singapore central bank studying licences for virtual banks

May 7, 2019


SINGAPORE: Singapore's central bank is studying whether to allow financial technology firms to operate digital-only banks in the city-state, it said, following moves by regulators in other Asian markets to issue virtual banking licences.

Singapore is among several financial centres in the region, such as Hong Kong, Seoul and Tokyo, pushing to become a fintech hotspot. Measures in recent years include state funding, light-touch regulation and moves to allow start-ups to test financial products in a controlled environment.














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