Chinese E-Commerce Zall Joins Singapore’s Digital Banking
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Business-to-business e-commerce firm, Zall Smart Commerce, will be the latest to apply for a digital banking license in Singapore.
The Chinese company will be part of consortium joined by Japanese trading company Marubeni and Singapore-based Global eTrade Services, a subsidiary of digital solutions provider CrimsonLogic.
The consortium is seeking a wholesale digital banking license in Singapore and it hopes to contribute to the city-state’s development as a global financial hub for trading, Zall said in a statement. It joins 14 other groups that have applied for the same license alongside another seven that have applied for digital full-bank licenses, according to the Monetary Authority of Singapore (MAS) said earlier this month. The regulator added that up to five of the licenses could be issued by June this year.
In addition to its e-commerce business, Zall has some experience in digital finance in mainland China. The firm acquired a virtual banking license for the market in 2017 and has since been operating as Z-Bank.
Questions & Answers
Q.Which other companies are part of the consortium applying for a digital banking license in Singapore?
Which other companies are part of the consortium applying for a digital banking license in Singapore?
The Chinese firm Zall Smart Commerce is applying as part of a consortium. This group also includes Marubeni, a Japanese trading company, and Global eTrade Services, a subsidiary of CrimsonLogic based in Singapore.
Q.What type of digital banking license is the Zall-led consortium applying for in Singapore?
What type of digital banking license is the Zall-led consortium applying for in Singapore?
The consortium, which includes Zall Smart Commerce, is specifically seeking a wholesale digital banking license. This category is distinct from the digital full-bank licenses also being sought by other applicants.
Q.Has Zall Smart Commerce had previous experience in digital finance outside of Singapore?
Has Zall Smart Commerce had previous experience in digital finance outside of Singapore?
Yes, Zall Smart Commerce has experience in digital finance within mainland China. The company acquired a virtual banking license for that market in 2017 and currently operates as Z-Bank.
Q.How many digital banking licenses could potentially be issued by the Monetary Authority of Singapore?
How many digital banking licenses could potentially be issued by the Monetary Authority of Singapore?
The Monetary Authority of Singapore (MAS) has indicated that up to five of the digital banking licenses could be issued. They aim to make this decision and issue the licenses by June of this year.
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