BloombergMore groups said they submitted bids for digital banking licenses in Singapore as companies, ranging from a property giant to Chinese financial technology (fintech) firms, joined forces to go for the sought-after permits. The groups join companies such as Razer Inc and Grab Holdings Inc in the race for such licenses in the city-state. Beyond Consortium also includes the Singapore Business Federation; Temasek unit Heliconia Capital Management Pte; MSIG Insurance (Singapore) Pte, a subsidiary of Mitsui Sumitomo Insurance Co; and property giant Far East Organization Pte. Hande is a Chinese fintech company founded by Cao Tong (曹彤), the former president of Webank (微眾銀行), China’s first digital bank that is also backed by Tencent Holdings Ltd (騰訊). Grab, one of Southeast Asia’s largest operators of online businesses from finance to ride-hailing, is partnering with Singapore Telecommunications Ltd to apply for a full digital banking license.

Source: Taipei Times January 06, 2020 16:30 UTC