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Jack Ma’s Ant Group, 3 Other Digital Banks Get OK to Operate in Singapore
The approved digital banks will be able to start operating from Singapore in early 2022.
The Monetary Authority of Singapore (MAS) has approved licenses for four digital banks, including Jack Ma’s Ant Group, allowing them to operate in Singapore.
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- MAS said there were 14 applicants that had to meet a list of requirements and licensing pre-conditions before MAS granted them banking licences. Only four were approved.
- The four approved digital banks include the Ant Group Co, Grab Holding Inc., Sea Limited, and Greenland Consortium.
- The approved digital banks will be able to start operating from Singapore in early 2022 in the hope they will strengthen Singapore’s financial sector for the digital economy of the future, MAS said.
- “MAS applied a rigorous, merit-based process to select a strong slate of digital banks. We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said Ravi Menon, managing director of MAS.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
