Singapore is ‘actively studying’ virtual banking licences, says country’s prime minister

Singapore is actively studying whether to allow companies with no banking parentage to set up virtual banks, paving the way for start-ups like on-demand services operator Grab to potentially enter the formal financial services industry.“Some other countries have created frameworks to license new players with no banking parentage to set up digital banks, i.e. banks without branches or ATMs,” Singapore Prime Minister Lee Hsien Loong said in a speech at the Smart Nation Summit in the city on…