Future Finance
Jack Ma’s Ant Financial Joins Singapore Digital Banking Race
- Grab, Razer have announced bids for full digital licenses
- Singapore opens up banking sector to create more competition
Commercial buildings in the central business district are illuminated at night in Singapore.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Billionaire Jack Ma’s Ant Financial has applied for a digital banking license in Singapore, as China’s largest online financial platform steps up efforts to expand outside the mainland.
Ant submitted an application to the Monetary Authority of Singapore for a wholesale license, which would allow it to serve corporate clients, the company said. “We look forward to contributing to the development of the digital banking landscape in Singapore,” it added in an emailed statement.