Chinese Firms Vie for Singapore Digital Bank Licenses

Several Chinese fintech firms have submitted a bid to the Monetary Authority of Singapore to operate a digital bank in the city-state.

By the application deadline on Tuesday, Chinese firms that submitted bids for a digital banking license in Singapore included Bytedance, which operates viral video sharing application TikTok, Yillion Group and Hande Group, which applied as part of a consortium with Singapore wealth management fintech platform iFast Corporation, and the country’s largest online financial platform Ant Financial.

All three are applying for a digital wholesale bank license, according to several media reports this week. There are up to five licenses on offer – two for full digital banks, and three for digital wholesale banks, in which foreign firms can hold majority stakes and the capital commitment is S$100 million

We look forward to contributing to the development of the digital banking landscape in Singapore, Ant said, citing an emailed statement.

For iFast, a license in Singapore would allow it to bring solutions to the small and medium-sized enterprises (SME) market that has been underserved by bank, CEO and chairman Lim Chung Chun said.

Other firms that have entered the fray include a consortium led by Singapore gaming firm Razer and Grab, which submitted a joint bid with Singtel.