Last year, the Monetary Authority of Singapore (MAS) has announced that up to five digital banking licenses will be issued by June this year; last week, MAS revealed that it had received a total of 21 digital bank applicants.

Among applicants for the Digital Full Bank License is the consortium led by Enigma Group, with the co-applicants including a member of Singapore FinTech Association (SFA), Blockchain Worx.

The consortium explained that the proposed digital bank will focus on the underbanked SMEs sector as well as the fast-evolving digital workforce, given that over 70% of the adult population in South East Asia is either ‘underbanked’ or ‘unbanked’ according to a study conducted by Google, Temasek and Bain & Company.

Read more at The Business Times here.