Core Licence Comparison

Digital Full Bank (DFB)：May serve retail and non-retail customers, including by accepting retail deposits, within the scope permitted by the banking licence and its conditions. The 2019 framework adopted a path of restricted initial operations followed by gradual expansion for new entrants; the restricted stage and full-operation stage are not two independent licences from which an applicant may freely choose. Historical admission requirements stipulated that applicants be headquartered in Singapore and controlled by Singaporeans. The rules for any future window must not be applied without confirmation.（The historical minimum paid-up capital for the restricted stage was 15000000 Singapore dollars, increasing progressively to 1500000000 Singapore dollars at the full-operation stage. Eligibility for each stage, capital-increase milestones and additional capital requirements for a new project are subject to MAS's arrangements and approval conditions for the relevant period.）

Digital Wholesale Bank (DWB)：Primarily serves SMEs and other non-retail customers, conducting approved activities such as corporate deposits, credit, trade and cash management. It must not provide Singapore-dollar retail deposit services to the general public under the DFB model. Personal high-value fixed deposits, foreign-currency and other special activities should be checked individually against the wholesale bank guidelines and licence conditions; it should not be stated simplistically that all personal business is prohibited.（Section 6A of the Banking Regulations: the minimum paid-up capital for a Singapore-incorporated wholesale bank is 100000000 Singapore dollars; applicable risk-capital, capital-funds and liquidity requirements must also be met on an ongoing basis.）

Full Bank：May conduct a full range of banking business, including accepting deposits, cheque services and lending, and may provide financial advisory, insurance broking and capital markets services subject to applicable laws and licensing conditions. QFB status is an additional qualification for foreign Full Banks and is not a right automatically held by every Full Bank. [1]（For a locally incorporated entity, generally minimum paid-up capital and capital funds of 1500000000SGD each; for a foreign branch, the head office generally must have capital funds of at least the equivalent of 200000000SGD. A qualifying subsidiary under section 9A is a specific statutory exception and cannot be applied by an ordinary applicant on its own initiative. [3]）

Wholesale Bank：Primarily serves corporates and institutions, and its operations must comply with MAS’s wholesale banking guidelines; its key restriction concerns SGD retail banking business. Individual customers, deposit currencies, account types and amounts should be assessed separately; it is not advisable to describe Wholesale Banks as being completely unable to serve individuals. [1] [5]（Minimum paid-up capital of 100000000SGD for a locally incorporated entity, under regulation 6A of the Banking Regulations. A foreign branch does not constitute a separately incorporated company with share capital of 100000000SGD; instead, the head office’s capital funds of the equivalent of 200000000SGD and local requirements must be checked. [3] [4]）

Merchant Bank (investment banking focus)：A Merchant Bank licensed under section 55S of the Banking Act may conduct banking, accept deposits and carry on other regulated financial activities within the scope of sections 55Q and 55V; SGD deposit-taking, borrowing and financing instruments are separately subject to the strict restrictions in section 55U. It should not be simplistically described as absolutely prohibiting deposits or SGD loans. [3] [6]（For a locally incorporated entity, generally minimum paid-up capital and capital funds of 15000000SGD each; for a foreign branch, the head office generally must have capital funds of at least the equivalent of 200000000SGD. MAS may determine other amounts applicable to a particular case in writing. [3]）

Digital Full Bank (historical dedicated admission arrangement)：The retail and non-retail digital banking pathways under the historical digital bank framework; MAS’s current pages list the 2019 application criteria and FAQs as historical references. No new announcement opening applications on which an application could be based was found in this review. Historical eligibility or phased restrictions are not presented as information on applications open in 2026. [7]（The lower-capital arrangements for historical restricted phases are not presented as current application thresholds. Confirm the mature Full Bank capital baseline and any phase-related exemptions against MAS’s current written requirements for the specific institution. [3] [7]）

Digital Wholesale Bank (historical dedicated admission arrangement)：A non-retail digital banking pathway under the historical framework should not be treated as meeting the eligibility requirements simply because it adopts an online model. A new application must first be supported by an explicit MAS arrangement to accept applications; the digitalisation of an existing bank's operations and a dedicated application to establish a new digital bank are not the same matter. [7]（The paid-up capital baseline for a locally incorporated Wholesale Bank is 100000000SGD. If dedicated digital bank applications are reopened in the future, eligibility, capital increases, shareholders and operating conditions should be reassessed against the announcement then in force; the 2019 rules should not be copied directly. [4] [7]）