China’s Insurance Giant, Ping An Considering Digital Banking License in Singapore

China’s Insurance Giant, Ping An Considering Digital Banking License in Singapore

by September 6, 2019
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Ping An’s fintech unit OneConnect, is considering to apply to Singapore digital banking license, according to a recent Bloomberg report.

The insurtech giant was ranked by Forbes as the largest insurer in 2018 valued at US$ 217 billion, Its fintech unit OneConnect is reportedly looking to secure a wholesale license, which will allow the company to provide SME businesses.

OneConnect was among the 8 entities that received virtual banking licenses in Hong Kong dished out by HKMA earlier this year. Running virtual banks seems to be part of the group’s strategy to showcase their technology and then sell it to other banks.

OneConnect have reported provided technology services to 3707 financial firms in China, 27 financial institutions in 10 overseas market including Singapore, Indonesia, and Philippines.

 

 

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