Singapore has received 21 applications for digital bank licenses, comprising 7 a...
FILE PHOTO: An aerial view shows commercial and residential buildings in central Singapore, June 22, 2019. REUTERS/Loriene Perera/File Photo
SINGAPORE - Singapore has received 21 applications for digital bank licenses, comprising 7 applications for retail licenses and the balance for wholesale bank licenses, the island state’s central bank said in a statement on Tuesday. Singapore’s biggest liberalization of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and offer services that differ from incumbents, including DBS Group (
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