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Ping An Unit Mulls Singapore Digital Bank License Application

By Bloomberg / Sep 07, 2019 02:10 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

Ping An Insurance (Group) Co.’s financial technology unit is considering an application for one of Singapore’s new digital banking licenses, according to a person familiar with the matter.

OneConnect is looking to secure a wholesale license that would allow it to provide banking services to small and medium-sized businesses on the island, said the person, who requested anonymity because the plan is confidential.

The company earlier this year received a virtual banking license in Hong Kong.

Singapore is planning to award as many as five digital-only banking licenses to nonbank companies to spur competition in the financial sector. OneConnect provides artificial intelligence and cloud computing technology to more than 3,700 financial enterprises in China and elsewhere.

“With the central bank opening up the virtual banking space in Singapore, OneConnect as part of its usual business is reaching out to organizations that are interested in virtual banking solutions,” a company representative said via WeChat, without commenting directly on the possible license application.

The company “sees massive opportunities in the new virtual banking space that reaches out to the underserved segment in Singapore,” the representative said.

The Monetary Authority of Singapore said last month it will accept applications until the end of this year. As many as two retail banking licenses are reserved for Singapore-owned businesses, while three wholesale licenses are open to both foreign and local companies.


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