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Zall Smart Commerce joins Singapore digital bank licence race

Bloomberg
Bloomberg • 1 min read
Zall Smart Commerce joins Singapore digital bank licence race
Zall has been operating Z-Bank in China since obtaining a virtual banking license in the country in 2017.
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(Jan 21): Zall Smart Commerce Group, a Chinese business-to-business e-commerce company, said it’s part of a group applying for a digital wholesale banking licence in Singapore, joining the race to shake up the city-state’s financial industry.

Other consortium partners are Japanese trading company Marubeni Corp. and Singapore-based Global eTrade Services, a unit of CrimsonLogic, Zall said in an emailed statement. The group aims to contribute to Singapore’s development as a global financial hub for trading activities, it said.

Zall has been operating Z-Bank in China since obtaining a virtual banking licence in the country in 2017.

The Zall-led group is the latest applicant to announce bids for a digital wholesale banking licence. Other companies gunning for the licences to serve corporate clients include Jack Ma’s Ant Financial. A total of 14 groups made bids for digital wholesale permits, while seven applied for digital full-bank licences, the Monetary Authority of Singapore said earlier this month.

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