Ping An reportedly seeking digital banking license for Singapore

Ping An, a financial services giant in China, is reportedly seeking a digital banking license in Singapore for its OneConnect platform.

The deal would enable the company to odder banking services to small and medium-sized businesses in the country, according to a report from Bloomberg. The company has made this move having identified massive opportunities in the virtual banking space in Singapore.

OneConnect, a SaaS provider of FinTech solutions for small and medium sized financial institutions. It offers tools including robo-advisors, mobile banking, online loans, smart risk prevention, auto insurance, and claims management, among others.

Singapore is yet to have an established digital bank, but it is working on changing this. The country is currently seeking to deploy five licenses by the end of the year.

Earlier in the month, Ping An signed a memorandum of understanding with Hong Kong Exchanges and Clearing to explore cooperation and collaboration opportunities which would bolster the financial market ecosystem.

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