A total of 21 firms applied for the digital banking license, where only 4 firms were selected based on a "rigorous, merit-based process”, according to MAS.
Grab-Singtel and Sea received digital full banking licenses, allowing them to take deposits and provide banking services to both retail and corporate customers.
Ant Group and Greenland Financial consortium however, received digital wholesale banking licenses, allowing them to only provide services to non-consumer segments, such as small and medium-sized businesses.
All companies will not be required to have a physical presence.
“We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said MAS MD Ravi Menon in a statement.
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