Is OCBC Teaming Up with Singtel to Apply for a Virtual Banking License?by Fintechnews Singapore August 21, 2019
Singapore’s second largest bank OCBC and largest mobile network operator Singtel may be joining forces to apply for a virtual banking license, according to a Bloomberg report.
In June 2019, Singapore announced that they will be issuing 5 virtual banking license, many players have expressed their interest in applying for the license which includes the likes Grab, InstaReM, Validus, RazerPay, and even Singtel has previously stated their ambitions.
Under Singapore’s virtual banking framework, existing banks need not apply for additional licenses as they are already regulated under existing internet banking regulation introduced in 2000.
If the talks are indeed true this suggests that both parties are likely looking at a joint-venture much like the virtual banks in Hong Kong which saw Hong Kong’s telco operator PCCW joining for with Standard Chartered and several other firms to set up SC Digital.
In a statement to Bloomberg, OCBC’s Head of Digital and Innovation, Pranav Seth said that they are open to forging new partnerships but declined to comment on any talks on a virtual banking license application. Similarly, Singtel also declined to comment on the matter.