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Hong Kong's AMTD Group eyes Singapore digital bank license

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Hong Kong's AMTD Group eyes Singapore digital bank license

Hong Kong-based AMTD Group Company Ltd. CEO Calvin Choi said it may apply for a digital banking license in Singapore, The Business Times reported Oct. 16.

AMTD Group had secured a virtual bank license in Hong Kong in May. The company tied up with Chinese electronics giant Xiaomi Corp. to create Insight Fintech. Choi said the company can connect a digital bank in Singapore to its digital bank in Hong Kong to offer a more comprehensive suite of financial services to customers.

The Monetary Authority of Singapore will issue up to two full digital bank licenses and up to three digital wholesale bank licenses. A digital wholesale bank is open to both Singaporean and foreign players.