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.

Search Archive

Advanced Search
February 2020

Today's Standard

Yearly Magazine

Yearly Magazine