The Monetary Authority of Singapore unveiled plans this year to grant as many as five virtual bank licenses to boost competition and innovation in the nation’s financial industry. China’s Ant Financial and Ping An Insurance (Group) Co. are among companies considering applications, and Tsien said OCBC may join the race, both as a bank and through its insurance unit.
SINGAPORE (Nov 26): Oversea-Chinese Banking Corp. is well placed to take on Chinese technology giants that are looking to join Singapore’s digital banking market, its top executive said.
The entry of such firms would constitute “extended competition but not necessary new competition,” Chief Executive Officer Samuel Tsien said, when asked about the threat posed by companies such as Jack Ma’s Ant Financial Services Group.
