SINGAPORE - Billionaire Jack Ma's Ant Financial Services said it may apply for a virtual banking licence in Singapore, a move that would add a heavyweight contender to the race.
While Ant didn't disclose whether it will seek a retail or wholesale licence, it will be easier for the Chinese firm to meet the conditions for the latter. "It seems probable that Singapore will follow in this regard," he said, while pointing out that foreign applicants have more room to maneuver with a digital wholesale bank rather than a full-services one.
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