Business-to-business e-commerce firm, Zall Smart Commerce, will be the latest to apply for a digital banking license in Singapore.
The Chinese company will be part of consortium joined by Japanese trading company Marubeni and Singapore-based Global eTrade Services, a subsidiary of digital solutions provider CrimsonLogic.
The consortium is seeking a wholesale digital banking license in Singapore and it hopes to contribute to the city-state’s development as a global financial hub for trading, Zall said in a statement. It joins 14 other groups that have applied for the same license alongside another seven that have applied for digital full-bank licenses, according to the Monetary Authority of Singapore (MAS) said earlier this month. The regulator added that up to five of the licenses could be issued by June this year.
In addition to its e-commerce business, Zall has some experience in digital finance in mainland China. The firm acquired a virtual banking license for the market in 2017 and has since been operating as Z-Bank.
