Hong Kong might be the best example, with eight digital banks actively run since the license has been issued in ZA Bank offers interest for a time deposit at a maximum of 6. Regarding virtual banks, Indonesia is yet to create a legal umbrella. The requirement to create a digital bank can only available with a banking license.
It's unlike the two neighbor countries, Singapore and Malaysia. Singapore issued five licenses for non-banking digital banks, two of those with full license and three for wholesale bank licenses. The announcement will be made in June and the five selected companies are expected to start their business immediately in mid Requirements given by the Central Bank of Singapore are also different for each license. For a full license must meet the capital of 1. They are allowed to provide a variety of financial services as well as to save savings from retail customers.
Meanwhile, wholesale banks allow those who want to serve SMEs and other non-retail segments. With minimum capital of million Singapore dollars. Submissions are open to local and foreign companies. There are 21 candidates competing for the license, both in the form of consortium and individuals. The interesting part, most of the submissions came from technology companies from China because the Central Bank of Singapore has opened this opportunity for non-banking.
The entrance of new players in the Merlion Country is not highlighting on the "new kid", it's rather the kind of service to offer. As the Professor of Information Systems at Nanyang Business School Boh Wai Fong said, new players are expected to be able to serve low-income people or new companies that cannot meet traditional bank credit requirements.
In a helicopter view, the high interest of foreign technology players in Singapore indicates further penetration to the Southeast Asian market. Although this license will only be valid in Singapore, the business model is considered very feasible to be replicated in the region. As important, Singapore does not have a digital bank at all. The three, according to Boh, are already "too good for too long" and monopolize the market.
Malaysia also conducted the same contest by issuing five digital bank licenses. Submission is open to non-banks, bank is capable whether they want to separate the digital banks through joint ventures. The neighbor country issued a draft exposure on the License Framework for Digital Banks as a way to promote the development of digital banks in line with directions taken by regulators in Singapore and Hong Kong. Both have issued similar work license frameworks in the past two years.
The Central Bank of Malaysia said the draft will be finalized in the first half of this year. At the same time, the application for a new license can be made for interested candidates. Except for RCBC, digital banks are run by regional banks. Thailand has already formed a digital bank named Timo which was established in Limited offer! Get 7-days free trial full access to our premium content! You can be a part of DailySocial.
Marsya Nabila - 14 October Marsya Nabila - 12 October Randi Eka - 29 September Corry Anestia - 23 July Tren Esports Sponsorship di Asia Tenggara. Ellavie Ichlasa Amalia - 19 July Randi Eka - 16 July By clicking the payment method button, you are read and agree to the terms and conditions of Dailysocial.
To reset your password, please input email of your DailySocial. Stay connected with us and get full features in our platform. Community and Information can be fully open. Sign up for our newsletter Subscribe. DS Startup Category. Get Newsletter. Welcoming the Digital Bank in Indonesia. Digital bank in Indonesia: Awaiting for legal umbrella Indonesia is yet to have a legal umbrella related to the digital bank.
Different cities, different growth Regarding virtual banks, Indonesia is yet to create a legal umbrella. For New Account Limited offer! Are you sure to continue this transaction? Share this article. Related Articles. Sign up for our newsletter Subscribe Newsletter. Review Order Article - Subscribe Monthly. Use Promo Code. Use Promo. Payment Details Article - Subscribe Monthly.
Total Payment. You entered an invalid email or password. In this connection, companies intending to apply for a virtual banking licence are recommended to study carefully the information and the requirements as set in the HKMA's Guide to Authorization , particularly Chapter 2 - The Authorization Regime, Chapter 4 — Authorization, and Chapter 8 - Application Procedures. Should you have any enquires on application process for an approval to set up a virtual bank in Hong Kong, please email to vbapplication hkma.
List of virtual banks. Please click here for information about the respective virtual banks. Virtual banks are subject to the same set of supervisory requirements applicable to conventional banks.
That said, some of the supervisory requirements are adapted to suit the business models of virtual banks under a risk-based and technology-neutral approach.
Skip to main content. Virtual Banks. Authorization of Virtual Banks. List of virtual banks Please click here for information about the respective virtual banks. Ongoing Supervision. Related Information.
0コメント