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.

Also Read

Singapore fintech funding down 10% to $208m in Q3

Why banks will be ‘invisible’ by 2030

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit