Greenland Financial Holdings leads consortium that secures digital banking licence in Singapore

The Monetary Authority of Singapore (MAS), issued a DWB licence to the consortium comprising Greenland, Linklogis Hong Kong Ltd and Beijing Co-operative Equity Investment Fund Management Co. Ltd. The new DWB is expected to commence operations from early 2022. 

The MAS awarded four digital banking licences, two Digital Full Banks and two DWBs.

Shuhui Kwok, who led the regulatory team advising Greenland, commented: “There were a number of requirements which each applicant had to address under the MAS eligibility criteria. A key aspect was the value proposition of the business model, and how it incorporated the use of technology to serve customer needs and reach under-served segments. In addition, as the MAS had confirmed that digital banks will be subject to the same compliance and regulatory requirements as existing banks, it was important for applicants to illustrate the ability to manage a prudent and sustainable digital banking business, and their ability to comply with existing risk management measures including technology risk management, cyber hygiene, system resiliency and cybersecurity controls.”

James Mythen added: “We are delighted to have advised Greenland on their successful application – they put forward a compelling case and the MAS noted that Greenland’s application was assessed to be demonstrably stronger across the assessment criteria than other submissions, notwithstanding the high calibre of the other eligible applicants and consortia. We are excited about their growth prospects, and are proud to have been part of their journey.”

The A&O team involved included James Mythen, Shuhui Kwok, Felicia Tan, Yu Jia Ang and Jolene Ng.