Ping An Insurance unit vies for Singapore digital banking license

Business | 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.

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