Ping An Insurance unit vies for Singapore digital banking licenseBusiness | 6 Sep 2019 12:41 pm
Ping An Insurance (Group) Co’s financial technology unit is considering an application for one of Singapore’s new digital banking licenses, according to a person familiar with the matter, Bloomberg reports.
OneConnect is looking to secure a wholesale license which would allow it to provide banking services to small and medium-sized businesses on the island, said the person, who requested anonymity because the plan is confidential.
The firm earlier this year received a virtual banking license in Hong Kong.
Singapore is planning to award up to five digital-only banking licenses to non-bank firms to spur competition in the financial sector.
OneConnect provides artificial intelligence and cloud computing technology to more than 3,700 financial firms in China and elsewhere.