Digital banking consortium Beyond announced on Tuesday that it has partnered U.S.-listed OneConnect Financial Technology as it gears up for the possibility of landing a digital bank license in Singapore.
Through the partnership, the consortium hopes to tap on OneConnect's expertise to jointly develop innovative digital banking products and services for Singapore SMEs and their workforce.
«The current economic difficulties experienced by many Singapore businesses and their employees have further reinforced Beyond's determination to support digital transformations in order for these businesses to be more sustainable and resilient,» said Gan Chee Yen, chairman-designate of the consortium in a media statement.
Technology As A Service
The Beyond consortium is led by V3 Group through its fintech arm V3 Fintech and Singapore’s contactless payment pioneer EZ-Link, and comprises leaders in the Singapore business community including Singapore Business Federation, Far East Organization, Mitsui Sumitomo Insurance, and Heliconia Capital Management.
Lifestyle products group V3 created a new fintech business unit last year to explore opportunities in the finance sector and has appointed financial sector veteran Gan Chee Yen as a senior adviser. As an associate company of Ping An Insurance Group, OneConnect has served over 600 banks across Southeast Asia and China. The firm provides a technology-as-a-service platform with solutions in artificial intelligence (AI), big data analytics and blockchain.
