Tagged: digital bank license

Ant Group Is Reportedly Moving Forward with Digital Banking License Application in Singapore, Despite Halted IPO Plans

Ant Group, which was previously known as Ant Financial, the world’s most valuable Fintech firm and a subsidiary of the Alibaba Group Holding (NYSE:BABA), will be moving forward with its application for a digital banking license in Singapore. This, despite the Fintech giant’s (potential) record… Read More

Philippine National Bank May Consider Launching a Digital Bank as a Standalone Business or Subsidiary

The Philippine National Bank (PNB), one of the largest financial institutions in the country, is reportedly considering the possibility of launching a digital bank as one of its subsidiaries. Jose Arnulfo “Wick” Veloso, president and CEO at PNB, stated: “We’re discussing internally with the principals…. Read More

Razer Fintech CEO Says Company Is Building Digital Banking Infrastructure from Scratch, Doesn’t Have “Legacy Issues”

Razer Fintech’s management has said that the company is planning to acquire a virtual banking license and that it’s willing to work independently or as part of a consortium. The Bank Negara Malaysia (BNM), the nation’s central bank, has confirmed that it will issue five… Read More

MENA Region Fintech Companies Continue to Apply for Digital Bank Licenses in the UAE

The Abu Dhabi Global Market (ADGM) has received applications from MENA region companies that are interested in launching digital banking platforms. Richard Teng, who works at the emirate’s international financial free zone as the head of its Financial Services Regulatory Authority, revealed that his organization… Read More

Digital Banking: Singapore May be Ideal for Virtual Banks Offering Modern Financial Services as 40% of its Nearly 6 Million Residents are Underbanked

It’s now possible to open a new bank account or apply for a credit card or loan with just a few taps on our smartphones. Many people now have access to modern financial services, such as instantly transferring funds, from the comfort of their home… Read More

WeLab Bank Introduces its Digital Banking Platform in Hong Kong’s Competitive Fintech Sector

WeLab Bank has confirmed the public launch of its digital banking services. WeLab Bank is notably the only stand-alone firm to acquire a virtual bank license from the Hong Kong Monetary Authority (HKMA), the city-state’s de facto central bank that’s also responsible for promoting the… Read More

Robocash Initiates Pre-IPO Funding Round to Help Launch a Digital Bank in the Philippines, Also Preparing for $100 Million IPO in December 2020

The Robocash Group, a multinational financial group that offers consumer alternative lending and marketplace funding in European and Asian markets, has reportedly initiated a pre-IPO funding round to help finance the planned launch of its digital bank in the Philippines. Founded in 2013 in Russia… Read More

ByteDance, Developer of TikTok, May Compete for Digital Banking License to be Issued by Monetary Authority of Singapore

The developers and management TikTok, a leading Chinese video-sharing social network, are reportedly branching out into the financial services sector with the owners of the Oversea-Chinese Banking Corporation, Limited (OCBC) Bank (SGX: O39), a multinational banking and financial services corporation. Beijing-based ByteDance, a Chinese multinational… Read More

Five Digital Banking License Applicants in Singapore May have to Revisit their Business Plans, as MAS to Hold Discussions with Bidders

  Five companies that had applied for a digital banking license in Singapore will now have to assess how the COVID-19 outbreak and resulting challenges will affect their ability to acquire adequate funding. As first reported by Reuters, the applicants will also have to revisit… Read More

The Case for Digital Banking Services in Malaysia, and Globally, has Become Stronger Due to COVID-19: Report

The Coronavirus (COVID-19) outbreak has created major social-economic challenges for individuals and businesses throughout the world. The pandemic has led to an increase in the use of Fintech-focused services, which has helped some companies generate more revenue during these difficult times. However, the crisis has… Read More

Monetary Authority of Singapore Postpones Decisions Regarding Digital Banking Applications, Due to Coronavirus Outbreak

Companies and institutions that may have applied for a digital banking license in Singapore will now have to wait longer in order to find out if their application was approved. The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has confirmed… Read More

Bank of Thailand Is Considering Issuing Licenses to Digital Banks to Enable Greater Financial Inclusion

The Bank of Thailand is reportedly considering issuing licenses to digital banks, which aim to provide greater financial inclusion while catering to changing consumer requirements in the digital age. New Fintech industry participants are encouraging competition and disruption in Thailand’s banking sector. These startups aim… Read More

China’s Zall Smart Commerce Group to Establish Operatins in Singapore, as Part of Group Applying for Digital Banking License

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… Read More

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