Another applicant for Singapore digital bank licence

SINGAPORE: A Singapore-based consortium led by Enigma Group says it has applied for a digital full bank (DFB) licence in Singapore.

Co-applicants include Singapore-based companies – management consultancy firm Qrypt Technologies, application developer 2359 Media as well as regulatory technology firm Blockchain Worx.

It also includes Enigma Global Holdings, a UK investment company which is to acquire an existing challenger bank – which ti did not identify – to propel both growth and profitability.

Enigma Group recently signed up to acquire a UK-based challenger bank together with companies in its group.

The DFB licence would allow the consortium to provide a range of financial services and take deposits from retail and non-retail customers.

“The ability to combine our capabilities to create a sustainable and profitable digital banking business is the core of our strategy.

“Furthermore, the experience from our financial services operations and footprint in Europe will help us leverage leading-edge technology and best practices from similar mature markets to address digital banking needs back home in Singapore too,” said Enigma Global Holdings chairman Samuel Heng in a statement today.

According to Enigma, the proposed digital bank will focus on the under-banked small and medium-sized enterprise (SME) sector as well as the fast-evolving digital workforce.

It will also focus on delivering exceptional digital customer experience that is fast becoming the norm for virtual banks globally.

On Jan 7, the Monetary Authority of Singapore (MAS) said it had received 21 applications for digital bank licences as of Dec 31, 2019, the closing date for the application.

It comprised seven applications for DFB licences and 14 applications for the digital wholesale bank (DWB) licences.

The applications will be evaluated based on their value propositions and the results will be announced in June. – Jan 14, 2020 Bernama

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