Singapore’s new digital banks backed by Grab Holdings Ltd. and Sea Ltd. are pushing the country’s central bank to lift a cap on deposits that they see as hamstringing their growth.
Both banks are approaching the S$50 million ($37.6 million) limit and have been lobbying the Monetary Authority of Singapore to review its stance, according to people with knowledge of the matter. They expect to hear an update on this issue soon, the people said, asking not to be identified as the discussions are confidential.
Read More : Grab and Sea Urge Singapore to Remove Deposit Cap for Digital Banks