Jack Ma’s Ant Financial eyes Singapore digital banking license

Ant Financial, the online FinTech company controlled by baron Jack Ma, has applied for a digital banking license in Singapore, as the world’s most valuable unicorn company expands its footprints outside China.

The Monetary authority of Singapore (MAS) will apparently issue as many as five such licenses to new competitors to help them make inroads in financial industry. According to sources familiar with the knowledge of the matter, Ant has applied to MAS for a digital wholesale banking license. A spokesperson for Ant Financial was quoted saying that they are sanguine of playing invaluable role in boosting the digital landscape in Singapore.

Gaming firm Razer Inc. has joined hands with Asian tycoons to lead a consortium for digital banking license. Meanwhile, Southeast Asian ride hailing giant Grab Holdings Inc. and Singapore Telecommunications Ltd. have revealed a joint bid for full licenses. Reportedly, the Monetary Authority of Singapore (MAS), operating as a central bank of Singapore, will announce the winners of five digital banking licenses in mid-2020—three wholesale bank licenses and two digital full bank licenses.

Winning a license would put Ant Financial in competition with Oversea-Chinese Banking Corp and DBS Group Holdings Ltd.

Singapore’s inclination to open the doors of banking industry to technology companies comes in the wake of Ant and Chinese competitors obtaining license in Hong Kong earlier this year. Ant Financial is touted to reap benefits from the presence of Chinese e-commerce giant Alibaba’s presence in Southeast Asia.

About Ant Financial

Ant Financial is working with Alibaba group to streamline business anywhere across the world. The company vies to help small- and medium-enterprises and consumers to gain seamless access to financial services which are green, secure, sustainable. Apparently, Ant Financial, formerly known as Alipay, is the highest valued Fintech company in the globe.

 

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https://in.reuters.com/article/ant-financial-digital-banking-singapore/chinas-ant-financial-applies-for-singapore-digital-banking-licence-idINKBN1Z10LP