After Hong Kong, Ant Financial is Now Eyeing Virtual Banking License in Singapore

After Hong Kong, Ant Financial is Now Eyeing Virtual Banking License in Singapore

by November 20, 2019
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Fresh off securing virtual banking license in Hong Kong, Ant Financial confirms that they are actively looking into pursuing virtual banking license in Singapore.

Previously, Ping An’s One Connect and AMTD Group have also voiced similar ambitions, making this the third instance where an entity that has secured the license in Hong Kong announced their interest to pursue the same in Singapore.

It was previously announced by the Monetary Authority of Singapore that it will be issuing up to 5 digital banking licenses; two of which being full digital licenses and three wholesale licenses.

It was not disclosed whether which type of license Ant Financial could potentially be pursuing in Singapore, though judging by the fact they have a particular focus on SMEs for their Hong Kong license, there is a good chance that the company may be eyeing a wholesale license.

Given SME’s crucial role in Singapore’s economy where it provides employment 72% of the population, it would make a lot of sense for Ant Financial to also focus on this segment in Singapore.

Analysts have previously stated that they don’t expect incumbents to be significantly affected by the digital banking aspirants, however this might soon change given that we are seeing Chinese bigtechs like Ant Financial also throwing their hat in the ring.

 

 

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