An Ant Financial mascot performing during the Alibaba Group Holding Ltd listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, in November 2019. Billionaire founder Jack Ma’s Ant Financial wants a wholesale bank permit in Singapore. - Bloomberg
SINGAPORE: The much-anticipated arrival of virtual banking in Singapore is unlikely to be an "aha” moment for consumer finance, but corporate banking will be different. One should expect disruption.
The application period for Singapore’s first internet-only lenders ended last week with five known hopefuls, so far, for as many licenses on offer.
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