Monetary Authority of Singapore have shortlisted 14 out of 21 applicants vying for a digital bank licence in the country, but does not reveal which bidders have been dropped from the list.
Tonik Financial has secured $21 million in its Series A round, which it will tap to kickstart its digital bank services next quarter in the Philippines where it estimates has a $140 billion retail savings market.
Raking in $17 million in its latest fund raising, GoBear will be looking to build up a "full-fledged financial services platform" and tap an estimated base of 300 million in the region who remain underserved by existing market offerings.
The SG$6 million ($4.23 million) grant can be used by local fintech companies to cover their daily working capital expenses and finance new product development work with financial institutions.
Looking at the journey their counterparts in Europe and the UK have experienced, digital banks looking to succeed in Singapore cannot afford to focus solely on customer acquisition and will need a growth strategy that is sustainable and taps into data.
Originally slated to be announced in June, the Monetary Authority of Singapore has postponed its decision on which companies will be awarded digital licences to the latter part of the year.
Monetary Authority of Singapore will set aside SG$125 million ($88.12 million) to help the financial services industry boost its digital capabilities and provide fintech firms better access to digital tools.
Some 60% of Singaporeans will migrate services from their current bank to new digital players with no prior banking experience, citing sign-up promos and more innovative products and services as key drivers.
Alibaba is looking to rope in 40 million service providers in China as part of a three-year plan to expand the reach of its mobile payment platform and meet consumer demand for various lifestyle services.
Ride-sharing operator has secured a total of $856 million from Mitsubishi UFJ Financial Group and TIS, and will use the funds to drive the expansion of its financial services across Southeast Asia.