A consortium made up of AMTD Group, SP Group, Xiaomi Finance, and Funding Societies has applied for a digital wholesale banking license in Singapore.
The AMTD-led consortium said the parties will look to serve small and medium-sized enterprises (SMEs) and entrepreneurs focused on South-east Asia and Greater China, especially in the greater Bay Area region.
«By combining the strengths and network of resources of the parties, the digital bank is committed to drive and connect these SMEs to the capital markets, facilitate green and sustainable developments and financing options, and improve their productivity and efficiency through the Internet of Things (IoT) platform and smart devices,» they said in a media release on Tuesday.
Ecosystem Of Partners
«Our ultimate goal is to establish Singapore’s most innovative platform bank through an ecosystem of strategic partners to cater to the entire spectrum of funding and business development needs of SMEs and entrepreneurs. Eventually, these successful customers will become the most valuable additions and long-term partners to our ecosystem and banking platform,» said Calvin Choi, chief executive of Hong Kong's AMTD Group.
«As an international Internet company, Xiaomi will leverage its global lead in 5G and artificial Internet of Things (AIoT), together with its partners, build a Singaporean digital bank with superior products, bringing new vigor and vitality into global digital banking and new energy to South-east Asia markets,» said Xiaomi Finance CEO Hong Feng.
