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     aeresearch.net

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

Canada limits 5G around airports over aircraft interference concerns

Canada limits 5G around airports over aircraft interference concerns

By Nikita Chaurasia

Much to the surprise of the telecom industry, the Department of Innovation, Science, and Economic Development (ISED) of Canada has reportedly decided to limit some 5G services that could possibly interfere with radio altimeters, which are crucial com...

U.S. planning to invest billions to expand COVID-19 vaccine production

U.S. planning to invest billions to expand COVID-19 vaccine production

By Nikita Chaurasia

The United States is reportedly planning to make substantial investments to improve its COVID-19 vaccine manufacturing capacity. The country intends to produce at least a billion doses by the second half of 2022. This decision is driven by the huge ...

Peloton sues rival firms iFit and Echelon for patent infringement

Peloton sues rival firms iFit and Echelon for patent infringement

By Nikita Chaurasia

U.S.-based exercise equipment and media company Peloton Interactive Inc. has reportedly filed lawsuits against its rivals Echelon Fitness and iFit, claiming that they violated patents related to its on-demand classes. Peloton stated that Echelon and...

Apple’s digital ID card plan could be funded through states, taxpayers

Apple’s digital ID card plan could be funded through states, taxpayers

By Nikita Chaurasia

Apple is reportedly working on allowing users in participating states to digitally store their state IDs  or driver’s licenses on their iPhone wallet. However, the multibillion-dollar company will partially rely on the respective states &m...

South Korea demonstrates systems for urban air mobility management

South Korea demonstrates systems for urban air mobility management

By Nikita Chaurasia

South Korea has reportedly tested methods for operating urban air mobility (UAM) vehicles, which it aims to use for taxis that will fly between downtown Seoul and major airports as early as 2025. In 2020, South Korea had announced its plan to launch...