China’s Ant Financial applies for Singapore digital banking license: Bloomberg

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FILE PHOTO: A logo of Ant Financial Services Group is seen next to a logo of Alipay at the Digital China Exhibition in Fuzhou, Fujian province, China May 5, 2019. REUTERS/Stringer

January 2, 2020

(Reuters) – China’s Ant Financial, an affiliate of ecommerce giant Alibaba Group Holdings, has joined the race for a digital banking license in Singapore, Bloomberg reported on Thursday.

The application is a part of the Monetary Authority of Singapore’s decision to issue five banking licenses as it tries to liberalize the city-state’s banking sector.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Alex Richardson)

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