Singapore's efforts to open up the banking industry to technology companies comes on the heels of a similar move in Hong Kong, where Ant and Chinese competitors including Tencent Holdings obtained licences earlier this year.
"It seems probable that Singapore will follow in this regard," he said, while pointing out that foreign applicants have more room to manoeuvre with a digital wholesale bank rather than a full-services one. OCBC has agreed to join peer-to-peer lender Validus Capital and Temasek Holdings' venture capital arm to seek a wholesale licence before the year-end application deadline. DBS, which operates a digital bank in India and Indonesia, hasn't expressed any intention to seek a licence.
Source: News Formal (newsformal.com)
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