MAS Extends Assessment Period for Digital Bank Decisions

Successful digital bank applicants will be informed in the second half of this year, instead of June 2020 as originally intended.

The MAS (Monetary Authority of Singapore) has announced it will extend the assessment period for the award of digital bank licences.

MAS said in January that it had received 21 applications for digital bank licences, and that it planned to announce the five successful applicants in June 2020.

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Due to the implementation of enhanced safe distancing measures in Singapore to prevent the spread of the Covid-19 pandemic, forcing many companies to allow staff to work from home, MAS will extend the assessment period for the award of digital bank licences.

“Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended,” MAS said. “This will allow the digital bank licence applicants to dedicate their resources and attention towards managing the immediate impact of the Covid-19 pandemic on their businesses.”

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“It will also enable MAS to focus resources on ensuring monetary and financial stability, and ensuring that financial institutions remain resilient, and able to perform their role in supporting businesses and individuals through this challenging time.”

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