Singapore’s financial regulator will stick with its plans to award digital banking licences by the end of the year, undeterred by tightening scrutiny in China and the US that’s hitting major Chinese applicants. “Regulatory tightening that’s happening in China will not have an impact on the digital banks here,” Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview ahead of Singapore’s annual fintech festival that starts on December 7. “It’s not our job to try to guess what the geopolitical situation might be like, what actions might be taken by other countries with respect to some of these entities.” The permits are much coveted by Chinese firms and other
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