Back in Mainland China, Ant Financial is also behind MyBank one of the virtual banks operating in China. [HONG KONG] Billionaire Jack Ma's Ant Financial has applied for a digital banking licence in Singapore, as China's largest online financial platform steps up efforts to expand outside the mainland. The Chinese fintech giant was also among the 8 licensees granted a digital bank license in Hong Kong. Through our innovative technologies, Ant Financial is committed to helping global consumers and small-and-micro enterprises gain access to inclusive financial services that are secure, green, and sustainable, creating greater value for society … As a member of the Alibaba digital economy, Ant Financial is working hand in hand with Alibaba Group to make it easy to do business anywhere across the world. A successful entry by Ant … "We look forward to contributing to the development of the digital banking landscape in Singapore," it added in an e-mailed statement.HONG KONG (BLOOMBERG) - Billionaire Jack Ma's Ant Financial has applied for a digital banking licence in Singapore, as China's largest online financial platform steps up efforts to expand outside the mainland. Ant Financial were among the many Chinese firms who have previously stated their interest to bid for Singapore’s digital banking license. Monetary Authority of Singapore have shortlisted 14 out of 21 applicants vying for a digital bank licence in the country, but does not reveal which bidders have been dropped from the list. Another three would be for wholesale banks - the category that Ant is applying for - where foreign firms can hold majority stakes and the capital commitment is $100 million.South-east Asia's digital lending market is expected to more than quadruple to US$110 billion (S$148 billion) by 2025, according to a report by Bain & Co., Google and Temasek Holdings.Singapore's efforts to open up the banking industry to technology companies come on the heels of a similar move in Hong Kong, where Ant and Chinese competitors including Tencent Holdings obtained licences earlier this year.Ant's payments app Alipay and its local e-wallet partners had about 900 million annual active users in China and 1.2 billion globally as of June, according to Bloomberg Intelligence.
“Digital banking technologies rolled out in Singapore, and data collected will also support the southeast Asian growth of Alibaba’s e-commerce site Lazada.”Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.Commercial buildings in the central business district are illuminated at night in Singapore. We are addressing the US$140 billion retail deposit and US$100 billion unsecured retail lending opportunities in the Philippines. SPH Digital News / Copyright © 2020 Singapore Press Holdings Ltd. Co. Regn. The company has invested in at least eight digital wallet operators outside China, including Paytm in India and Dana in Indonesia.The MAS is offering as many as five digital banking permits to non-banks in a bid to open up the financial industry to new competitors. Winning a licence would pit Ant against traditional incumbents such as DBS Group Holdings and Oversea-Chinese Banking Corp. in the growing market for digital banking in South-east Asia.We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Ant Financial has applied for a digital banking license in Singapore, as China’s largest online financial platform steps up efforts to expand outside the mainland. The Monetary Authority of Singapore is offering as many as five digital banking permits to non-banks in a bid to open up the industry to new competitors. Ant’s move could “pay off in the longer term,” said Vey-Sern Ling, a Bloomberg Intelligence analyst. No. All rights reservedAnt submitted an application to the Monetary Authority of Singapore for a wholesale licence, which would allow it to serve corporate clients, the company said.Other moves to expand outside the mainland include a project to use blockchain technology to enable cross-border remittances between Hong Kong and the Philippines.
TONIK is a transformative digital bank on a mission to revolutionize the way money works in Southeast Asia.
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Ant submitted an application to the Monetary Authority of Singapore (MAS) for a wholesale licence, which would allow it to serve corporate clients, the company said. HONG KONG (BLOOMBERG) - Billionaire Jack Ma's Ant Financial has applied for a digital banking licence in Singapore, as China's largest online financial platform steps … Until we resolve the issues, subscribers need not log in to access ST Digital articles.
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