China’s Ant Monetary applies for Singapore digital banking license

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FILE PHOTO: A emblem of Ant Monetary Providers Group is seen subsequent to a emblem of Alipay on the Digital China Exhibition in Fuzhou, Fujian province, China Might 5, 2019. Information/Stringer

(Information) – China’s Ant Monetary, an affiliate of ecommerce large Alibaba Group Holdings, has joined the race for a digital banking licence in Singapore, the corporate mentioned in an announcement on Thursday.

The Financial Authority of Singapore (MAS) has mentioned it can subject 5 such licenses, because it embarks on the most important liberalisation of its banking sector in twenty years.

“Consistent with our dedication to selling monetary inclusion globally, we now have submitted an utility to the Financial Authority of Singapore for a digital wholesale banking license,” a spokesperson for the corporate mentioned in an emailed assertion.

“We look ahead to contributing to the event of the digital banking panorama in Singapore.”

Gaming agency Razer Inc additionally on Thursday mentioned it was main a consortium that has utilized for a license, whereas earlier this week Singapore Telecommunications Ltd and Southeast Asian trip hailing agency Seize mentioned they had been teaming up for a bid of their very own.

MAS, Singapore’s central financial institution, is about to subject as much as two “digital full financial institution” licenses and three wholesale financial institution licenses.

The town-state is about to announce the winners in mid-2020 and the digital banks are anticipated to start out operations in a phased method from mid-2021.

A spokeswoman for MAS mentioned it couldn’t touch upon particular person license functions.

Reporting by Leng Cheng and Brenda Goh in Shanghai and Nikhil Kurian Nainan in Bengaluru; Modifying by Alex Richardson