Digital Banks: Igniting Platform Revolution in Banking

Yu-chen Hung

Chapter 7 in Financial Management in the Digital Economy, 2021, pp 121-139 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Tech giants are entering the banking sector. In December 2020, the Monetary Authority of Singapore granted digital bank licenses to four new operators. The Digital Full Bank licenses can serve both individual and corporate customers. The two winners in this category are the ride-hailing company, Grab and its consortium with Singapore Telecommunication, and the e-commerce company Sea Ltd, which is the tech giant owning e-commerce platform Shopee, game developer Garena, and digital payments SeaMoney (Monetary Authority of Singapore, 2020). The Digital Wholesale Bank licenses are also granted to serve SMEs and other non-retail sectors. The winners in this category are a consortium led by Greenland Financial Holding Group, and a wholly owned entity by Ant Group Co. Ltd. Out of the four winners, three are digital platforms businesses; Grab (car hailing and food delivery platform), Sea (e-commerce platform), and Ant group (Finance platform). They are expected to start operations by 2022. The future of financial service starts to look a bit different…

Keywords: Digital Assets; Blockchain; Blockchain Applications; Financial Technology; Digital Payment; Cryptocurrency; Financial Inclusion; Financial Management; Digital Economy; Digital Transformation; Robo Advisory; Digital Branding; Financial Services (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2021
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