Hong Kong’s AMTD May Apply for Virtual Banking License in Singapore

AMTD is reportedly keen to apply for Singapore’s virtual banking license. In an interview with local Singaporean media, its CEO Calvin Choi expressed that AMTD is very interested in Singapore and that they see this as a great opportunity to serve more Asian customers.

In a JV with Chinese smartphone manufacturer Xiaomi, the company successfully secured a virtual banking license in Hong Kong. AMTD and Xiaomi’s virtual bank in Hong Kong is known as Insight Fintech and is expected to launch by 2020.

AMTD is not the only virtual bank from Hong Kong interested in Singapore, Ping An’s OneConnect who is also among the 8 who secured a license in Hong Kong also expressed that they interested to set up shop in Singapore.

Singapore’s Monetary Authority is expected to dish out licenses in mid 2020 and has set the deadline for application to 31st December 2019.