Ping An fintech unit eyes digital banking licence application in Singapore

OneConnect received a virtual banking license in Hong Kong earlier this year.

Shenzhen-based Ping An Insurance’s financial technology unit OneConnect is considering an application for one of Singapore’s new digital banking licenses, according to a person familiar with the matter.

OneConnect is looking to secure a wholesale license, which aims to cater to small and medium-sized businesses in the country.

The firm earlier this year received a virtual banking license in Hong Kong.

Also read: Hong Kong grants four more virtual banking licenses with Ant Financial and Tencent entering fray

Singapore is planning to award up to five digital-only banking licenses to non-bank firms to spur competition in the financial sector. OneConnect provides artificial intelligence and cloud computing technology to more than 3,700 financial firms in China and other markets.

Read more in Bloomberg.

Photo by Timeahfurm002 from Wikimedia Commons.