Validus Capital: Applying for Digital Banking License

Singapore’s small and medium-sized enterprises (SMEs) financing platform Validus Capital (Validus) has announced that it is applying for a digital banking licence with the Monetary Authority of Singapore (MAS) when applications open, to help meet the unmet financing needs of SMEs. This follows MAS’ recent announcement to offer five digital banking licences.Validus is determined to be Singapore’s first digital bank to tackle unmet financing gap faced by SMEs in Singapore and empower Singapore’s economy; an issue that affects the SME growth with the McKinsey Global Institute reporting that 39 million Southeast Asian SMEs (or 51%) lack access to credit.