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Singapore or Hong Kong. Who will win the virtual banking race?

In Singapore, virtual banks are on the way. Will they change the landscape faster than their Hong Kong rivals?

Singapore is following in the footsteps of Hong Kong with its disruption of the city’s banking system. The development of virtual banking is likely to bring vitality to the economy and could even surpass changes in Hong Kong.

Several months after Hong Kong released the first eight virtual bank licenses, Singapore has announced that it soon intends to issue as many as five virtual bank licenses. The new digital bank licenses mark the next chapter in Singapore's banking liberalisation journey. said Tharman Shanmugaratnam, head of the Monetary Authority of Singapore MAS. 

The MAS said on June 28 that it would issue a total of...

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