In business valuation analysis, a Digital Banking License is one of the intangible assets possessed by a bank which grants the authorisation to operate banking business. A Digital Banking License, also referred to as Fintech or Virtual Banking License, is a kind of banking license granted to entities to provide customers with deposit accounts, loans and payment services through digital-only channels without establishing physical branches. A banking license is categorised as contract intangible assets as it grants protective and legal rights to the bank to conduct business in a legally regulated setting. The rights granted under the digital banking license for fulfilling the legal requirements to operate the banking business have value to the holder. In valuing a bank for transaction purposes, business valuators estimate the fair market value of the operating license separately from the tangible assets by applying techniques under the market, asset and income valuation methods. A Digital Banking License qualifies as an intangible asset because it is identifiable, separable and the economic benefits it generates can be accurately measured. Depending on the state of the bank, the digital banking license may command the highest fair market value.