Holiday Shutdown Notice for Our Readers - Unavailable from December 24th to January 3rd
In the dynamic world of fintech, Singapore continued to make strides in 2020. Challengers banks managed to raise an impressive US$6.8 billion, aiming to disrupt traditional banking methods.
The year saw significant developments, with four digital bank licenses being issued by the Monetary Authority of Singapore. The recipients were the Grab-Singtel consortium, Sea Group, Ant Group, and Greenland Financial Holdings. These digital wholesale bank licenses marked the beginning of a new era in Singapore's financial sector.
One of the notable events was the launch of crypto services by DBS, with SGX holding a 10% stake. Meanwhile, Grab, SEA, and Ant secured Singapore's Digital Banking License, setting the stage for their future ventures.
The Grab-Singtel consortium, in particular, announced plans to hire 200 roles by 2021 to build its digital bank.
The Singapore Blockchain Ecosystem Report 2020 was unveiled at the Singapore Fintech Festival, providing insights into the growing blockchain landscape in the country. However, no major announcements from the festival were specifically mentioned.
In terms of e-commerce payment trends, 2021 promises to be an exciting year with five trends worth watching out for. Unfortunately, these trends were not detailed in this article.
As we approach the end of the year, it's important to reflect on the stories that shaped fintech in Singapore in 2020. Among them, eKYC (Electronic Know Your Customer) is expected to fuel Asia's Digital Banking Revolution.
As we bid farewell to 2020, the website will be taking a break from December 24, 2020, to January 3, 2021. We wish our readers a Merry Christmas and a Happy New Year.
Upon our return, we invite you to access various year-end articles on our website to delve deeper into the fintech landscape of Singapore in 2020 and the trends that will shape 2021. Stay tuned for more updates!
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