AMTD Announces a Flurry of Partnerships and the Name of Its Digibank
by Fintech News Singapore July 14, 2020AMTD Group announced today several industry partnerships that it has established in efforts to better serve SMEs in Asia.
It has entered into two separate partnerships, one of which is with GlobalLinker that is aimed at helping Asian SMEs in their digitalisation and global expansion while, the other is with Funding Societies and CIMB to explore collaboration opportunities in offering digital finance solutions to SMEs in Singapore and South East Asia.
The partnership with GlobalLinker will see AMTD becoming the preferred financial services partner on the former’s SME focused platform. In their statement, AMTD said that it will deploy the entirety of the ecosystem to serve SMEs on the platform which includes its Hong Kong-based virtual bank Airstar and also its potential digital wholesale bank consortium in Singapore.
The AMTD-led consortium includes Funding Societies, SP Group, and Xiaomi that is subject to approval from the Monetary Authority of Singapore. They revealed that their Singapore-based digibank will be named Singa Bank.
Meanwhile, the partnership between AMTD, CIMB and Funding Societies will include areas like payroll, mortgage loans, unsecured loans, remittance, and brokerage. It also aims to utilise CIMB’s wide range of banking and capital market services to complement AMTD’s digital solutions to provide SMEs with a one-stop, cross-regional, cross-product financial solution.
These partnerships seem to provide hints as to the shape that AMTD’s digital bank in Singapore will have a particular focus towards serving the SME segment.
Join us on 20th July 2020 as we sit down with Calvin Choi, Chairman, AMTD Group to get a sense their vision and ambitions.
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