SINGAPORE/HONG KONG (Nov 19): Billionaire Jack Ma’s Ant Financial Services Group said it may apply for a virtual banking license 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. “It seems probable that Singapore will follow in this regard,” he said, while pointing out that foreign applicants have more room to maneuver with a digital wholesale bank rather than a full-services one. Ant SME Services (Hong Kong) Ltd unit received a permit from the Hong Kong Monetary Authority in May to operate a virtual bank in the Chinese territory.

Source: The Edge Markets November 19, 2019 13:52 UTC