Money FM 89.3 Show
Asked on 06 Nov 2019
What does digital banking licenses actually mean for retail consumers?
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.