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More China players emerge among bids for Singapore digibank licences

23 Jan 2020 09:00

By Natalie Choy,Vivien Shiao

TWO more Chinese players have made public their digital wholesale banking bids in Singapore, bringing the reported tally to seven Chinese names vying for these new licences here.

Eyeing just one of three wholesale licences up for grabs, China-based software giant Shanghai Jifu Information Technology Service has teamed up with JIC Technology Investment, Chinastone Capital Management, security tech firm Hong Heng, industrial blockchain group Shenzhen Xin-an Digital Technology, and US-based Grace May to bid for the licence.

Under the name of Asia Digital Bank Corporation (ADBC), the proposed consortium told The Business Times (BT) it aims to provide efficient and affordable financial services for small- and medium-sized enterprises (SMEs) in Asia by leveraging the experience and resources of all partners, and using fintech such as blockchain and artificial intelligence.

ADBC's services will include same-day payment, settlement and cross-border remittance services for SMEs.

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Source: Business Times

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