Ant Financial mulls Singapore digital bank license

November 19, 2019 | Banking
Written by FinTech Alliance
Ant Financial mulls Singapore digital bank license

Bloomberg has reported that Alibaba’s finance spinoff, Ant Financial, might be added to the list of digital banks being developed in Singapore.

In Brief:

  • Ant Financial told Bloomberg News it is “actively looking” into the opportunity.

  • It has already gained similar permission in Hong Kong.

  • Up to five licenses are on offer for non-banks.

What does this mean?

The Monetary Authority of Singpaore has been offering permissions in batches to various companies to operate fully digital or virtual banks. At the moment these have included banks such as Standard Chartered (which recently selected Thought Machine to power its project) but we could see challengers and digital companies such as Ant Financial join the mix soon.

Read more here. 

More in Banking

Bank of England Governor to become UN climate finance envoy
Banking
December 02, 2019

Bank of England Governor to become UN climate finance envoy

Mark Carney, current Governor of the Bank of England, will join the UN in fighting climate change....

Virgin Money UK PLC releases full year results

Posted By The Community

Banking
November 28, 2019

Virgin Money UK PLC releases full year results

Virgin Money UK PLC has releases its full year results for the 12 months to 30 September.  C...

Written By: Virgin Money UK

Bank ABC launches fully digital bank ila
Banking
November 25, 2019

Bank ABC launches fully digital bank ila

Arab Banking Corporation (Bank ABC), part of the FinTech Alliance community, has launched a fully di...

Banking
November 27, 2019

Is Banking Having Its AWS Moment?

New fintech infrastructure is enabling more companies to add banking services into existing apps and...

Banking
October 31, 2019

Banking Business Models Fit for the Path Ahead - Winning in the Digital Economy

Learn how banks can change their business models in revolutionary ways to maintain future growth val...

Banking
October 31, 2019

2019 Total Tax Contribution of the UK banking sector

This year’s Total Tax Contribution Study for the UK banking sector, commissioned by UK Finance...

Future Digital Finance 2020

Future Digital Finance 2020

When: Mar 09th - Mar 10th, 2020
Where: Hyatt Regency Miami, Miami , GB
Price: £910