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Singapore says receives 21 applications for digital bank licences

Reuters SG
Updated

SINGAPORE, Jan 7 (Reuters) - Singapore has received 21 applications for digital bank licences, comprising 7 applications for retail licences and the balance for wholesale bank licences, the central bank said in a statement on Tuesday.

Singapore's biggest liberalisation of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and offer services that differ from incumbents including DBS Group and OCBC. (Reporting by Anshuman Daga Editing by Shri Navaratnam)