Ant Financial applies for digital banking license in Singapore

Friday 3 January 2020 15:02 CET | News

China-based Ant Financial, an affiliate of ecommerce giant Alibaba Group, has joined the race for a digital banking license in Singapore, Business Standard reports.

The Monetary Authority of Singapore (MAS) has said it will issue five such licenses, as it embarks on a 'liberalisation' of its banking sector. MAS, Singapore's central bank, is set to issue up to two 'digital full bank' licenses and three wholesale bank licenses. 

The city-state is set to announce the winners by mid-2020 and the digital banks are expected to start operations in a phased manner from mid-2021.

A spokeswoman for MAS said it could not comment on individual license applications.

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Keywords: Ant Financial, Singapore, China, digital banking, ecommerce, banking license, Monetary Authority of Singapore
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech