Credit Suisse Continues Operating Without Interruption in Singapore
MAS' statement on Credit Suisse's operations in Singapore after the announced takeover by UBS Group AG.
Singapore, 29 August 2019… The Monetary Authority of Singapore (MAS) announced today that it will begin accepting applications for new digital bank licences. Interested parties have until 31 December 2019 to submit their applications. This follows the announcement in June 2019 by Mr Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, that MAS will issue up to two digital full bank licences and three digital wholesale bank licences.
2 The new digital bank licences, which will be extended to non-bank players, will ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant. Digital full banks will be allowed to take deposits from and provide a wide range of financial services to retail and non-retail customer segments, while digital wholesale banks will be permitted to serve SMEs and other non-retail segments. These new digital banks are in addition to any digital banks that Singapore banking groups may already establish under MAS’ existing regulatory framework.
Application Process and Assessment Criteria
3 Applicants must first meet the eligibility criteria for business track record, fit and proper shareholders, directors and management, capital commitment, a clear value proposition and a sustainable business model, to be considered. Applicants for the digital full bank licence must additionally be anchored in Singapore, controlled by Singaporeans and headquartered in Singapore. Eligible applicants will then be assessed for the following:
4 Interested parties can obtain more information on MAS’ website. MAS expects to announce the successful applicants in mid-2020. Successful applicants will be expected to commence business by mid-2021.
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MAS' statement on Credit Suisse's operations in Singapore after the announced takeover by UBS Group AG.
MAS' response to queries on Credit Suisse
MAS said Singapore’s banking system remains sound and resilient amid heightened volatility in global financial markets following the recent closure of banks in the US. The Singapore Dollar money market and foreign exchange market continue to function well.