Singapore's Hong Leong Finance Ltd sees the country's plan to issue virtual banking licences as an opportunity to find new customers and re-invent itself as a tech-savvy lender to the nation's new businesses.[SINGAPORE] Singapore's Hong Leong Finance Ltd sees the country's plan to issue virtual banking licences as an opportunity to find new customers and re-invent itself as a tech-savvy lender to the nation's new businesses.
"We have the customer base, we have the reach but we don't have the platform," Mr Ang, 70, said in an interview. "The fintechs have one advantage: they lend against data," Mr Ang said."That is now slowly becoming more and more important to financial institutions" which have traditionally used other criteria such as company balance sheets, he added.
With a market capitalization of S$1.2 billion, Hong Leong held total deposits of S$11.9 billion as of June 30.
Source: News Formal (newsformal.com)
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