Singapore welcomes another digital bank

The digital bank market in Singapore has grown following the launch of Trust Bank, a partnership between Standard Chartered and local retailer FairPrice.

Ant Group launches digital wholesale bank ANEXT in Singapore to serve SMEs

Chinese fintech giant Ant Group has launched a digital wholesale bank called ANEXT, after it received approval from the Monetary Authority of Singapore. This marks one of Ant’s biggest overseas pushes since its $37-billion IPO was derailed by Chinese regulators in late 2020. ANEXT aims to serve small businesses that trade across international borders.

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Singapore’s central bank to issue up to five digital bank licences

Singapore Senior Minister Tharman Shanmugaratnam announced on June 28 that the Monetary Authority of Singapore will be issuing up to five new digital bank licences to meet emerging trends in the industry. Of the five licences, up to two will be for digital full banks that serve retail customers. The other three available licences will be for digital wholesale banks, which serve SMEs and non-retail segments.

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Singapore has no ‘real use case’ for a central bank digital currency, says MAS

Sopnendu Mohanty of the Monetary Authority of Singapore, however, says central bank digital currencies can be extremely useful in emerging markets where many people are unbanked.

MAS rolls out trials for digital Singapore dollar

Trials for a digital Singapore dollar are being rolled out by Singapore’s central bank. This will see the digital currency support specific payments, including some Government payouts or vouchers, and at the upcoming Singapore Fintech Festival, where members of the public can use it for purchases.

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