At least seven Chinese groups have joined the race for Singapore's digital banking license, out of 21 applications submitted.
The well-known Chinese players in the race are AMTD-Led consortium, Ant Financial, ByteDance, Xiaomi Finance, and Zall-led consortium. New players that recently emerged include Asia Digital Bank Corporation and Greenland Financial Consortium, according to a report in «Business Times»(behind paywall).
Asia Digital Bank Corporation is a Chinese-dominated consortium that the software giant, Shanghai Jifu, is a part of. The digital bank aspirant aims to provide same-day payment, settlement, and cross-border remittance services for SMEs, under the digital wholesale bank license.
Other Chinese Players
Greenland Financial consortium is led by Greeland Financial, the investment arm of Chinese real estate giant Greenland Group. The consortium intends to use its technology to serve small-medium enterprises in Singapore.
A total of 21 digital bank applications were submitted in Singapore, comprising 14 applications for the digital wholesale bank licenses, and seven applications for the digital full bank licenses.
