Chinese e-commerce company Zall Smart Commerce Group will establish operations in Singapore’s evolving financial industry. Zall’s management noted that the firm is part of a consortium that’s applying for a digital wholesale banking license in Singapore.
Global eTrade Services, a CrimsonLogic Pte division, and Marubeni Corporation, a Japan-based trading company, have also been listed as group partners.
The group intends to be a part of Singapore’s development as a global financial hub for trading. The group is led by Zall and it’s reportedly the latest organization to apply for a digital wholesale banking license in the city-state. Chinese billionaire Jack Ma’s Ant Financial is also seeking virtual banking licenses in order to serve large corporate clients.
The Monetary Authority of Singapore (MAS) had confirmed earlier this month that 14 groups had applied for virtual wholesale bank licenses, and seven had applied for digital full-bank licenses. After being awarded a digital banking license in 2017 in Singapore, Zall has been operating Z-Bank out of China.
This news has come following reports that Beyond Consortium will apply for the city-state’s virtual bank licenses. In addition to Consortium, which is led by EZ-Link, V3 Group and Mitsui Sumitomo Insurance, Far East Organization, the Singapore Business Federation, and Heliconia Capital will be looking to acquire digital banking permits.
Gaming company Razer will also be seeking a digital banking license in the city-state, along with Alibaba Group’s Ant Financial. The Hong Kong-listed Razer established a consortium to launch Razer Youth Bank with Singapore-based firm and several Asian billionaires, covering early-stage technology VC company Insignia Ventures Partners and domestic supermarket chain Sheng Siong Holdings.
The MAS will announce the companies that will be awarded digital banking licenses in the city-state (three for wholesale and two full) later this year.