A new digital bank by Standard Chartered and NTUC is looking to count the older generation and the less tech savvy among its potential customers. It’s also hoping to be as inclusive as possible, so it’s rolling out a suite of features. These include a savings account, credit card, and family personal accident insurance. At the launch, Deputy Prime Minister Lawrence Wong said Trust Bank will help to boost the diversity of Singapore’s banking system and strengthen its digital economy.

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Grab and Singtel have said they are applying for a digital full bank licence together. If successful, the two non-bank firms can tap on the data that they have accumulated from their customers and offer customised banking offerings, according to experts.

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Ant Group, the financial technology giant controlled by Chinese billionaire Jack Ma, announced on Monday that it will launch a digital wholesale bank incorporated in Singapore. The move marks the Hangzhou-based company’s continued expansion abroad. Its China-based businesses are still under heavy regulatory pressure after the company’s $34 billion initial public offering was abruptly called off in late 2020. Ant Group recently revamped its board after agreeing in 2021 to become a financial holding company supervised by the country’s central bank, the People’s Bank of China. Now, the fintech giant says its wholly owned and Singapore-based subsidiary ANEXT Bank will provide financial services to small- and medium-sized enterprises in the region, focusing in particular on those that have cross-border operations. Headed by former DBS executive Toh Su Mei and working together with local business-to-business marketplace Proxtera, the company is now offering a preview of the dual-currency ANEXT business account. It will officially offer them in the third quarter of this year.”This marks yet another milestone in Singapore’s digital bank development journey, a strategic effort to ensure the banking sector remains progressive, globally competitive and vibrant,” said Monetary Authority of Singapore (MAS) Chief Fintech Officer Sopnendu Mohanty. Ant Group isn’t the only fintech firm seeking to provide digital banking services in Singapore. Last week, Green Link Digital Bank, which is owned by a consortium that includes Chinese developer Greenland Holdings and Linklogis Hong Kong, has commenced business in the country. Billionaire Forrest Li’s tech firm Sea Ltd. and Anthony Tan’s Grab Holdings were also granted digital bank licenses in 2020, and are expected to launch later this yearAnt, for its part, has recently strengthened it expansion across Southeast Asia when it announced in April that it had acquired a majority stake in Singapore-based fintech company 2C2P. The deal will see 2C2P’s current merchants connect to Ant Group’s cross-border e-wallet Alipay+.

All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/ywang/2022/06/06/billionaire-jack-mas-ant-group-launches-digital-bank-in-singapore/

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Singapore has issued four digital bank licences. They’ve been awarded to a consortium comprising ride-hailing firm Grab and telco Singtel, as well as consumer internet firm Sea. They will service both consumers and businesses. Chinese entities fintech firm Ant and a consortium led by the investment arm of real estate giant Greenland Group have snagged digital banking licenses to serve corporates and SMEs. The four digital banks are expected to operate from early 2022.

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