Until about a week ago, China’s financial services giant Ant Group was on top of the world. It was on the cusp of the largest initial public offering in history, which would have raised US$34 billion. The IPO would also have made it a favourite in the race for a digital bank licence in Singapore.
Licence to bank
The Contenders: Assessing Singapore’s digital bank licence applicants
Singapore will have five digital bank licensees by the end of the year. As we approach the finish line, The Ken assessed all 14 applicants based on the criteria set by the banking regulator. There are some clear favourites
The Monetary Authority of Singapore is set to announce the winners of two digital full bank and three digital wholesale bank licences
The 14 shortlisted applicants are being judged on the sustainability of their business model, their innovative technology, and what value proposition their digital bank will bring
With members within consortiums applying for a licence being so diverse, each applicant brings different strengths and values to the table
But some stand out due to their captive audience, value proposition for their bank, and how sustainable their current business already is