Daily Briefing: CrimsonLogic unit eyes digital bank licence; Malaysia mulls social security for workers in Singapore

And digital wealth management startup Kristal.AI raises $8m in its series A funding round.

From Bloomberg:

A business unit of digital government solutions CrimsonLogic has been revealed to be part of a group applying for a digital wholesale banking license in Singapore, joining the race to shake up the city-state’s financial industry.

Other consortium partners are Chinese business-to-business e-commerce company, Zall Smart Commerce (Zall), and Japanese trading company Marubeni Corp., said in an emailed statement. The group aims to contribute to Singapore’s development as a global financial hub for trading activities, it said.

The group is led by Zall, and is the latest applicant to announce bids for a digital wholesale banking license.

A total of 14 groups made bids for digital wholesale permits, while seven applied for digital full-bank licenses, the Monetary Authority of Singapore said earlier this month.

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