Jack Ma’s Ant Financial ‘actively looking’ for virtual bank licence in Singapore
- Monetary Authority of Singapore is offering as many as five digital banking permits to non-banks in a bid to open up the industry to new competitors
Billionaire Jack Ma’s Ant Financial Services Group said it may apply for a virtual banking licence in Singapore, a move that would add a heavyweight contender to the race.
“We are actively looking into this opportunity,” Hangzhou, China-based Ant Financial said in an emailed response to questions from Bloomberg News.
The Monetary Authority of Singapore is offering as many as five digital banking permits to non-banks in a bid to open up the industry to new competitors.
A successful entry by Ant Financial would pit China’s largest online financial company against traditional incumbents DBS Group Holdings and Oversea-Chinese Banking Corp in the growing market for digital banking in Southeast Asia.
While Ant did not disclose whether it will seek a retail or wholesale licence, it will be easier for the Chinese firm to meet the conditions for the latter.
Singapore’s efforts to open up the banking industry to technology companies comes on the heels of a similar move in Hong Kong, where Ant and Chinese competitors including Tencent Holdings obtained licences earlier this year.