The partnership will boost collaborations on cloud-based financial services and data-driven digital bank innovations to help ADBC serve SMEs in the country, focusing on inclusive and green finance and creating a regional flagship, Singapore-based digital bank.
Tencent Cloud, the cloud computing arm of Chinese technology conglomerate Tencent, will work closely with Singapore digital bank aspirant Asia Digital Bank Corporation (ADBC) under a memorandum of understanding signed between the two parties.
As part of the agreement, ADBC will be able to use Tencent’s financial cloud platform to provide digital banking services to small and medium enterprises (SMEs), as well as leverage Tencent's capabilities and solutions to drive its digital banking initiative, an announcement on Thursday said.
«ADBC is committed to providing best-in-class digital banking services to its small- and medium-sized enterprise clients once it is successfully granted the wholesale banking license in Singapore. More importantly, ADBC aims to be an empathic digital bank that exceeds customer expectations,» Nelson Goh, ADBC board director, said.
Wholesale Digital Banking Contender
Founded by six wholly owned government-linked and private companies, ADBC is a Chinese-dominated consortium that includes software giant Shanghai Jifu. The consortium aims to provide same-day payment, settlement, and cross-border remittance services for SMEs under the digital wholesale bank license.
There are 14 contenders left in the race for up to five licenses in Singapore's digital banking regime, including five digital full bank (DFB) applicants and nine digital wholesale bank (DWB) applicants.
MAS said the next shortlist will be based on three factors: «value proposition and business model, incorporating the innovative use of technology; ability to manage a prudent and sustainable digital banking business; and growth prospects and other contributions to Singapore’s financial center.»
