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ST Engineering

Stock Chart
Last Done 3.980
Change -0.040 (-1.00%)
Volume 4,064.7
Range 3.950 - 4.020

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Stock Chart
Last Done 24.390
Change -0.200 (-0.81%)
Volume 4,793.1
Range 24.360 - 24.520

Temasek 2.7% 231025XB#

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Last Done 1.032
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Validus to apply for Singapore digital-banking licence

05 Jul 2019 09:00

From left: Arno de Vette, senior investment officer, FMO; Vikas Nahata, co-founder and executive chairman, Validus Capital; Ajit Raikar, co-founder and CEO, Validus Capital; and Liu Genping, partner, Vertex Ventures. BT FILE PHOTO

By Jamie Lee

SINGAPORE'S largest peer-to-peer lending platform Validus Capital will apply for a digital banking licence here, joining a growing chorus of non-bank challengers looking to edge into this new space.

Validus, which is backed by Temasek Holdings' Vertex Ventures, told The Business Times on Wednesday that it will apply for a licence once applications are open by the Monetary Authority of Singapore (MAS) in August.

BT understands it is currently engaged with the regulator to understand if it should apply for the digital full-bank licences, or the digital wholesale bank licences. Singapore last Friday said it plans to issue a maximum of five new digital-bank licences, comprising up to two digital full-bank licences, and up to three digital wholesale bank licences.

The peer-to-peer lender, which is also backed by the Netherlands' development bank FMO, said it is "well-positioned" to become one of the country's first digital banks.


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Source: Business Times
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