ByteDance to apply for Singapore banking licence

Monday 15 June 2020 09:50 CET | News

China-based ByteDance, an internet technology company, has announced it is going to expand its services into banking by joining forces with Singapore’s Lee family.

The Chinese company has bid for a digital bank licence in the Asian financial centre and is negotiating a tie-up with an investment group linked to the Lee family, one of the founding families of OCBC Bank, according to the Financial Times.

The Monetary Authority of Singapore is set to issue five virtual banking licences by the end of the year, for which ByteDance will compete with a number of other Asian technology companies including Alibaba's Ant Financial, and smartphone maker Xiaomi.

ByteDance had previously explored applying for a virtual banking licence in Hong Kong, which also opened its banking sector to technology companies in 2019.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ByteDance, partnership, Lee, Singapore, banking, banking licence, internet, technology, digital bank, OCBC Bank, Monetary Authority of Singapore, Alibaba, Ant Financial, Xiaomi, Hong Kong, China
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech

Industry Events