Anonymous

06 Nov 2019

∙

What will change when the digital banking licenses get issued in 2021 and which are the companies who will get it?

What does digital banking licenses actually mean for retail consumers?

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Kelly Trinh

06 Nov 2019

Backoffice technical at financial services firm

Hahaha on the "who will get it" - thats the big question and if you know that then you must have some inside line to the MaS !

In terms of actual meaning - right now things, FinTech companies are restricted to certain activities (eg YouTrip cannot issue do loans, Funding Societies mentioned in broadcast about preference for invoice financing / receivable factoring coz unregulated).

With a digital banking license, they would be able to do all the same things as your DBS/UOB/OCBC (albiet with hopefully a fresh look at systems/process to make things easier) so it would mean a lot more potential innovation (and hopefully improvements) in the way we do banking today.

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