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Ping An Insurance fintech unit eyes Singapore digital banking license

OneConnect Financial Technology Co. Ltd. is looking to apply for a digital banking license in Singapore, Bloomberg News reported Sept. 6, citing a person familiar with the matter.

The fintech company, which is a unit of Ping An Insurance (Group) Co. of China Ltd., is eyeing a wholesale license, which would enable it to offer banking services to small and medium-sized businesses in the city-state, the source said.

Earlier in 2019, OneConnect recieved a virtual banking license in Hong Kong.

A OneConnect representative said via a WeChat message that, given the opening up of the virtual banking space in Singapore, the company as part of its usual business was reaching out to organizations who are interested in virtual banking solutions, the news outlet reported, adding that the representative did not directly comment on the potential license application.

The Monetary Authority of Singapore is accepting applications for up to five digital banking license to be granted to nonbanking companies. Up to two retail banking licenses are reserved for Singapore-owned companies, while three wholesale licenses are open to both foreign and local companies, Bloomberg reported.