Background:

Last year Monetary Authority of Singapore announced that it will issue digital full bank and wholesale bank licences to applicants which may include even non-banking entities. This announcement generated significant interest among many interested parties. However, borrowers and the public in general do not seem to have a clear understanding about the proposed licences. They do not understand the need for any such arrangement particularly when many of the existing banks are already providing on-line banking facilities.

Your task:

For the purpose of this task, you need to write a report meant for any reader who would like to know the details about this new licencing regime. It is expected that after reading your report, most of the common questions that any layman may have will be clarified.

Word limit:

1,500 +/- 10% (excluding Executive Summary and References). Words in excess of above limit would not be marked.