AMTD, Xiaomi gun for digibank licence with SP Group, Funding Societies (The Business Times)

Hong Kong financial services group AMTD Group has linked up with some prominent Singapore names as well as a familiar partner – Chinese tech giant Xiaomi Corp – to vie for a digital wholesale bank licence in Singapore, BT understands.

AMTD is leading a consortium comprising Xiaomi, peer-to-peer lending platform Funding Societies and Singapore’s leading utilities provider SP Group that’s seeking one of three digital wholesale banking licences up for grabs here.

In an interview with The Business Times late last year, AMTD chief executive Calvin Choi had signalled AMTD’s interest in applying for a wholesale banking licence. He said the firm can tap on Xiaomi’s expertise on IoT (Internet of Things) and existing tool sets to jointly offer data-driven financial services.

The interest also comes as the financial services firm had jointly secured a virtual banking licence with Xiaomi in Hong Kong last year.

Mr Choi had told BT that the group is “very interested” in Singapore, seeing the Republic as a regional gateway to the other Asian markets.

“We see this digital bank licence as a great opportunity to serve more Asian customers,” he told BT in October last year.

“If we have a digital bank in Singapore, we can join the dots, connect both banks (in Singapore and Hong Kong) to offer a more comprehensive suite of financial services to the rest of Asia.” He added then that AMTD would be seeking out partners to apply for the licence here.

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The Business Times

7 January 2020

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