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John Wang
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Services
January 5 09:19

Ant Financial goes after licenses in Singapore

Ant Financial has filed an application for digital banking license in Singapore. Chinese fintech giant joins the race against Razor and Grab
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In June 2019 the Monetary Authority of Singapore has announced that it will issue five new licences for digital banking in the country. The government hopes to liberalize the credit market and make loans more accessible. The idea might have been inspired by Hong Kong issuing digital banking licenses. Ant was among the receivers then.
The license is a sought-after prize in Southeast Asia. The regional digital credit market will grow up to US$110 billion in the next five years, according to analytical forecasts. Those seeking the license are looking for local partners to make their bids stronger. Razor has decided to share the project with Sheng Shiong, the unit of grocery stores chain, as well as FWD, the insurance business of Pacific Century Group.