On Thursday, China’s Ant Financial joined the race for Singapore’s digital banking licence according to a statement, the affiliate of e-commerce giant Alibaba Group Holdings.
Five such licences will be issued by the Monetary Authority of Singapore (MAS) as it begins the biggest banking sector liberalisation move in twenty years.
An application has been submitted to the MAS by Ant Financial for a digital wholesale banking licence, which is in line with their commitment to promote global financial inclusion.
They intend on contributing to the development of Singapore’s digital banking landscape.
On Thursday, gaming firm Razer said that it was leading a consortium which has applied for a licence.
MAS, Singapore’s central bank, will soon issue up to three wholesale bank licences and two “digital full bank” licences.
The winner shall be announced by mid-2020 and the digital banks will start operations from mid-2021.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.