A duo of digital banks are reportedly pushing Singapore authorities to lift the deposit cap and enable continued growth.
Two digital banks backed by ride-hailing giant Grab and consumer internet firm Sea, respectively, are lobbying the Monetary Authority of Singapore to review its stance on deposit caps for the newly licensed lenders, according to a «Bloomberg» report citing unnamed sources. They expect to hear an update on the issue soon.
Holders of the digital full bank license are limited to a deposit cap of S$50 million ($38 million) for their first two years of operations.
Nearing Cap
Grab’s GXS Bank is also backed by Singapore Telecommunications and launched in August 2022. Sea’s MariBank is the only other holder of a digital full bank license in Singapore and it debuted in March this year to the public only to a select group users by invitation.
According to a spokesperson for GXS Bank, the virtual lender was nearly reached the regulatory cap «within months» of launching its savings account and demand to open such accounts continues to grow organically. Sea declined to comment.
