The Monetary Authority of Singapore is following up on its promise to award one or two digital banking licences to deserving banks, naming the final date for applications as 31 December.

Earlier in the summer the regulator announced its intention to issue some new digital bank licences in addition to any digital banks that Singapore's banking groups may also establish in accordance with existing internet banking rules that date back to 2000. The aim is to make digital bank licences available to businesses outside the banking fraternity.