China's Ant Financial eyes virtual banking licence in Singapore

It has not disclosed if it will seek a retail or wholesale licence.

Bloomberg reported that Ant Financial Services Group, China-based fintech operating Alipay and owned by billionaire Jack Ma, said it may apply for a virtual banking licence in Singapore.

"We are actively looking into this opportunity," Ant Financial said in an emailed response to questions from Bloomberg News.

The Monetary Authority of Singapore is offering as many as five digital banking permits to non-banks in a bid to open up the industry to new competitors. A successful entry by Ant Financial would pit China's largest online financial company against traditional incumbents DBS and OCBC in the growing market for digital banking in Southeast Asia.

Whilst Ant did not disclose whether it will seek a retail or wholesale licence, it will be easier for the firm to meet the conditions for the latter.

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