Ant Financial is considering applying for a digital banking licence in Singapore

Jack Ma’s FinTech company Ant Financial Services Group is looking into making a play for one of the digital banking licences Singapore has put up for grabs.

Singapore announced that it would reward up to five digital banking licences to worthy businesses in August. Companies now have until December 31 to make their bid as to why they should be the ones chosen for it.

To be in the run-up, interested parties must, among other requirements, submit a feasible exit plan and have a proven track record in the technology or e-commerce sector.

Now, Ant Financial has confirmed to Bloomberg that it is actively looking into the opportunity.

However, the company formerly known as Alipay will face some competition as several enterprises have expressed an interest in getting their hands on these new licences.

That includes Asian Uber-rival Grab, Singapore Telecommunications (STEL.SI) and V3 Group.

It is understandable why companies might clamour for a seat at the table. Singapore has proven itself a FinTech hotbed over the past few years, having raised six of the top ten FinTech deals in the ASEAN region in the third quarter of 2019, according to FinTech Global’s research.

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