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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