SINGAPORE --Moves to set up digital-only banks are underway in Singapore as the regulator rounds up applications this month. Up for grabs are a maximum of two full bank licences and three wholesale bank licences. Full banks can take deposits from retail customers while wholesale banks serve small and medium-sized enterprises (SMEs) and other non-retail segments. Digital full bank licensees here should have only one physical place of business. The virtual banks will be allowed to offer cashback services through electronic funds transfer at point-of-sale terminals at retail merchants but will not have access to automated teller machines. Applicants need not have an established ...
Keep on reading: Disruption ahead in Singapore’s financial sector as digital-only banks loom
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