China's Ant Financial Services Group has applied for a digital wholesale banking license in Singapore, Reuters reported Jan. 2, citing an emailed statement from the company.

In June 2019, the Monetary Authority of Singapore said it would issue up to five new digital bank licenses, as part of a push to liberalize the city-state's banking sector.

MAS is set to announce the winning bidders in mid-2020 and the digital banks are expected to commence operations in a phased manner from mid-2021.

A spokeswoman for MAS said it could not comment on individual license applications, the report noted.