Exclusive | AMTD plans IPO of digital assets on Singapore and US exchanges, build out of regional virtual banking platform
- The group plans to add Malaysian virtual bank licence as part of IPO assets if bid is successful, sources say
- AMTD Digital to be among the first companies to have dual listings in Singapore and the US if IPO plans succeed
AMTD Group, a financial services group founded by CK Hutchison, is planning to list its digital assets in Singapore and the US later this year to help fund its plans to develop a regional financial technology platform, according to people familiar with the plan.
The privately held group led by former UBS banker Calvin Choi is spinning off a clutch of services spanning virtual banking, insurance broking, digital asset exchange and payment systems under a fintech unit called AMTD Digital, they said, declining to be identified because discussions are private and ongoing.
AMTD Digital owns one of the eight virtual banking licences in Hong Kong in partnership with Chinese smartphone maker Xiaomi Corp, as well as a talent programme and a data research hub for listed Chinese companies. The group is seeking a digital banking licence in Malaysia, which if successful, will be included in the initial public offering (IPO) plan, the people said.
The Hong Kong-based group’s idea is to weave together an Asia-wide virtual-banking platform to serve small and medium-sized businesses as well as retail banking customers. Only a handful of other fintech players have the makings of such a platform, including Ant Financial, an affiliate of Alibaba Group which owns the South China Morning Post.
While AMTD Digital has already raised over US$100 million through a pre-IPO round of funding, details of its IPO are not yet public, specifically regarding the valuation it is seeking or which companies will be its major backers.