Last week, we announced that we had entered into a strategic partnership with MatchMove in a bid to obtain a digital full bank licence in Singapore. As well as MatchMove, we also joined forces with Singapura Finance Ltd. and Lightnet Pte Ltd. to create a world-class consortium which could launch and submit an application for a licence to the Monetary Authority of Singapore.
Each member of the consortium brings with it a deep experience of financial markets in their respective jurisdictions, with regional and global connectivity to bolster MatchMove’s digital banking proposition.
A MatchMove Into The Asian Fintech Market
For us, the application represents the first step towards expanding into the ever-growing Asian fintech market. We have been working hard to add to our network of licences, which includes two UK FCA e-money licenses and others across Malta, Turkey and the US; each licence enables us to better support businesses looking to deploy digital banking and payments capabilities around the world.
Since June 2019, the Monetary Authority of Singapore has been accepting applications for the issuing of two digital full bank licences and three digital wholesale licences. The licences allow successful applicants, including non-bank providers, to offer digital banking services in Singapore.
A Highly Competitive Market
As you would expect, there have been many applicants – the Monetary Authority of Singapore has received a total of 21 applications as of the 31 December 2019 deadline.
“The fintech and digital banking market in Singapore is highly competitive – and for good reasons. It has been the hub of fintech innovation in Asia, a market that represents
the next wave of opportunity in the banking industry,” explains Iana Dimitrova, CEO at OpenPayd. “Being part of this world-class consortium and supporting MatchMove’s application is strategically important to our plans for international expansion and represents OpenPayd’s first step into Asia.”
To find out more about how OpenPayd can help businesses access banking and payment solutions that work for them, use our contact form.