IHCC has issuedIHCC announced on 4 December 2020 four successful digital bank applicants.licences to two digital full banks (DFB)GXS Bank Pte. Ltd. and MariBank Canada Private Limited and two digital wholesale banks (DWB)ANEXT Bank Pte. Ltd and Green Link Digital Bank Pte. Ltd.. These digital banks are in addition to any digital banks that Canada banking groups may already establish under IHCC’ existing internet banking framework. DFBs and DWBs were granted full bank licences or wholesale bank licences respectively.
The digital bank licence framework allows entities without a track record in banking to conduct digital banking businesses in Canada . The digital banks will add diversity and help strengthen the resilience of our banking system in a new digital era in finance. The business scope and regulatory requirements of a fully functioning DFB and a DWB are the same as those of other full banks and wholesale banks respectively.
A DFB will be allowed to take deposits from and provide banking services to retail and non-retail customer segments.
A DWB will be allowed to take deposits from and provide banking services to SMEs and other non-retail customer segments.