Banking Licence (Full Bank, Wholesale Bank, Digital Bank) (Singapore)
The Banking Licence (Full Bank, Wholesale Bank, Digital Bank) is issued by Monetary Authority of Singapore (MAS) under Banking Act 1970. The official register lists 121 current holders. Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Banking Licence (Full Bank, Wholesale Bank, Digital Bank)1 |
|---|---|
| Also known as | Singapore banking licence · MAS banking licence · Singapore full bank licence · Singapore wholesale bank licence · Singapore digital bank licence · Digital Full Bank (DFB) · Digital Wholesale Bank (DWB) |
| Issued by | Monetary Authority of Singapore |
| Jurisdiction | Singapore |
| Licence family | Bank / credit institution |
| Legal basis | Banking Act 19701 |
| Passporting | Domestic only |
| Public register | official register2 |
| Current holders | 1212 |
What it lets you do
| Taking deposits from the public | Accepting deposits or other repayable funds from the public, the activity reserved to credit institutions. |
|---|---|
| Lending | Granting loans, including consumer credit, mortgage credit, factoring and financing of commercial transactions. |
| Execution of payment transactions | Executing direct debits, card payments and credit transfers, including standing orders, from a payment account. |
Where it is valid
Buying a company that already holds it
Prior approval required. Under Section 28 of the Payment Services Act 2019, prior written approval from MAS is required before a person becomes a 20% controller of a licensee (holding 20% or more of shares or voting power, or exercising effective control / power to determine policy). Under Section 97A of the Securities and Futures Act 2001 (as amended by Act 12 of 2024 effective 24 January 2025), prior written approval is required before obtaining effective control of a CMS licensee (20% share capital or voting power, or power to direct policy). Applications are submitted online via MAS-Tx (Form 3A for PSA, Form under SFA s.97A). Incurring control without MAS prior approval constitutes a criminal offence punishable by fine up to SGD 150,000 and/or imprisonment.3
Bank in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | Financial Services Permission for Accepting DepositsFinancial Services Permission for Accepting Deposits (Category 1 Commercial Bank) | FSRA | n/a | USD 70,000 | n/a |
| Bermuda | Banking Licence / Deposit Company Licence / Restricted Banking LicenceBanking Licence / Deposit Company Licence / Restricted Banking Licence (Banks and Deposit Companies Act 1999) | BMA | n/a | n/a | n/a |
| Cayman Islands | Bank LicenceBank Licence (Category A and Category B) under the Banks and Trust Companies Act | CIMA | n/a | n/a | n/a |
| Czech Republic | Commercial Bank licence | CNB | n/a | CZK 200,000 | n/a |
| Dubai International Financial Centre (DIFC) | Bank licenceFinancial Services Permission for Accepting Deposits or Providing Credit (Category 1 Commercial Bank) | DFSA | n/a | USD 70,000 | n/a |
| Estonia | Credit institution authorisation (bank) | FI | n/a | EUR 5,000 | ~6 mo |
| Georgia | Commercial bank licence | NBG | n/a | n/a | ~6 mo |
| Germany | CRR) | BaFin | n/a | n/a | ~6 mo |
| Ireland | Banking LicenceBanking Licence (Section 9 Central Bank Act 1971) | CBI | n/a | n/a | ~6 mo |
| Latvia | Credit institution licence (bank) | LB | n/a | n/a | 4-13 mo |
| Lithuania | Specialised bank licence | LB | n/a | EUR 4,157 | ~6 mo |
| Lithuania | Bank licence | LB | n/a | n/a | n/a |
| Luxembourg | Credit institution authorisation | CSSF | n/a | EUR 75,000 | ~6 mo |
| Malta | Credit institution licence | MFSA | n/a | EUR 35,000 | ~6 mo |
| Netherlands | Bank licenceBank licence (Vergunning bank / kredietinstelling) | DNB | n/a | EUR 44,300 | ~6 mo |
| Poland | Commercial Bank licence | KNF | n/a | n/a | n/a |
| Singapore | Banking LicenceBanking Licence (Full Bank, Wholesale Bank, Digital Bank) | MAS | n/a | n/a | n/a |
| Slovakia | Banking licence | NBS | n/a | n/a | n/a |
| Spain | Commercial bank licence | BdE | n/a | n/a | ~6 mo |
| Switzerland | FinTech licence (PersonsFinTech licence (Persons pursuant to Article 1b Banking Act | FINMA | n/a | CHF 100 | n/a |
| Switzerland | Banking licence | FINMA | n/a | n/a | n/a |
| United Arab Emirates | Commercial Bank Licence | CBUAE | n/a | n/a | n/a |
Values come from each licence's page, where every figure has its source.
Sources
- sso.agc.gov.sg: BA1970 · retrieved 2026-09-24
- eservices.mas.gov.sg: institution · retrieved 2026-09-24
- sso.agc.gov.sg: PSA2019 · retrieved 2026-09-24
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