The investment arm of state-owned real estate developer Greenland has formed a consortium as the latest bidder to vie for Singapore’s digital banking licenses.
Green Financial is joined by Chinese financing platform MinIPO to apply for a digital wholesale bank license in the city-state. According to Singapore-based «Lianhe Zaobao», the group intends to leverage China’s financial technology capabilities through their partner to serve small and medium-sized businesses.
Greenland Group executive president and chairman of Greenland Financial, Geng Jing, said that the consortium will be a strong partnership of large state-owned enterprises and fintech leaders in China. He said that it would also collaborate with top academic institutions in Asia with regards to artificial intelligence technology, financial risk management and fintech talent to further the development of digital wholesale banking.
The Monetary Authority of Singapore said earlier this month that it had then received 14 applications for digital wholesale bank licenses in addition to seven digital full bank licenses. Greenland’s entry adds to the list of mainland China-based contenders which most recently includes Zall Smart Commerce Group which announced it would also apply for a license in a consortium with Japanese trading conglomerate Marubeni Corporation and Singapore supply chain platform provider Global eTrade Services.
