Ping An's fintech unit mulls Singapore virtual banking license

OneConnect received a virtual banking license in Hong Kong earlier this year.

Bloomberg reports that OneConnect, the fintech unit of Shenzhen-based Ping An Insurance’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.

OneConnect, which provides artificial intelligence and cloud computing technology to more than 3,700 financial firms in China and other markets,  is looking to secure a wholesale license, which aims to cater to small and medium-sized businesses in the country in a move that comes months after the firm received a virtual banking license in Hong Kong earlier this year. 

Also read: Hong Kong grants four more virtual banking licenses

Singapore is planning to award up to five digital-only banking licenses to non-bank firms in an effort to spur competition in the financial services sector. iFAST is amongst those seeking to apply and earlier reports claim that OCBC is exploring a partnership with Singtel in a similar pursuit.  

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