Opinion: Singapore May be Next in Giving Out Virtual Banking Licenses

The CEO of DBS Group Holdings in Singapore believes that Singapore may follow Hong Kong in offering virtual banking licenses; this would create more competition from the city state’s established banks; despite this he believes that the impact would be minimal since these large banks already compete internationally with the largest international banks; this also assumes that the incumbents begin to investing into technology; so far three firms who have received the licenses in Hong Kong have partnered with larger institutions like Standard Chartered and ZhongAn amount others. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!