Singapore is discussing the possibility of allowing virtual banks to operate in the city state, the Monetary Authority of Singapore said, according to Bloomberg.
“MAS is studying whether to admit such digital-only banks with non-bank parentage,“ the financial regulator said in an email. “We have been engaging relevant stakeholders to ascertain the unique value that such entrants could bring to our banking landscape, and understand how potential risks will be managed and contained.“
The MAS review comes as regulators around the world grapple with the rise of financial technology and the implications for the banking system. Earlier this year, Hong Kong started issuing virtual banking licenses as a way to shake up retail lenders and compete better with regional economies such as China and India.
In its statement, the MAS said digitalization isn’t new to Singapore’s banking industry, noting that local lenders have been allowed to pursue digital-only business models since 2000. Virtual banks typically have lower operational costs than traditional lenders that rely on brick-and-mortar branch networks.
OCBC, the country’s second-largest bank by assets, said it’s unavoidable that digital-only banks will want to operate in Singapore. “However, the operating model of such banks cannot be a one-size-fits-all regardless of the operating environment“ especially for a small, well-banked country like Singapore, OCBC CEO Samuel Tsien in an e-mailed reply to questions.
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