Jack Ma’s Ant Financial eyes Singapore digital banking license
By Nikita Chaurasia  Date: 2020-01-04

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.
 

Source credit:

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

About Author

Nikita Chaurasia    

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Tesla CEO Elon Musk reveals plans to build ventilators for COVID-19
Tesla CEO Elon Musk reveals plans to build ventilators for COVID-19
By Nikita Chaurasia

U.S. auto giant Tesla, Inc.’s CEO, Elon Musk has recently made headlines when he announced that his company is planning to develop ventilators for COVID-19 patients. The move comes after the United States government’s latest appeal for do...

Google News launches Project Oasis to support local entrepreneurs
Google News launches Project Oasis to support local entrepreneurs
By Nikita Chaurasia

Google News has apparently launched Project Oasis in partnership with the University of North Carolina, Table Stakes co-founder Doug Smith, and LION Publishers. The partnership is aimed at helping the founders and aspiring founders of digital ne...

Pfizer collaborates with BioNTech to develop coronavirus vaccine
Pfizer collaborates with BioNTech to develop coronavirus vaccine
By Nikita Chaurasia

Increasing numbers of coronavirus cases worldwide have prompted researchers to develop a potential vaccine candidate to treat COVID-19 patients. Pfizer Inc., one of the leading American pharmaceutical companies, has reportedly collaborated with BioNT...

Amplitude completes debut acquisition with ClearBrain buyout
Amplitude completes debut acquisition with ClearBrain buyout
By Nikita Chaurasia

Amplitude, a comprehensive product intelligence company, announced that it has acquired the software company ClearBrain to accelerate big product bets. The acquisition will enable customers of the company to estimate about the revenue growth driving ...

Vodafone launches its 5G network in limited parts of Australia
Vodafone launches its 5G network in limited parts of Australia
By Nikita Chaurasia

Vodafone has finally stepped up in the 5G race as it goes live with its 5G services in some parts of Australia. According to reports, the service will be available in select parts of Sydney. However, unlike other Australian telecoms, Vodafone will no...