Enigma consortium including SFA member Blockchain Worx applies for Digital Full Bank license in Singapore

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.