SPY334.67+0.17 0.05%
DIA278.55-0.35 -0.13%
IXIC10,938.80+28.52 0.26%

Alibaba's Ant Financial, Gaming Company Razer Apply For Singapore Digital Banking License

Alibaba Group Holding Ltd (NYSE: BABA) fintech subsidiary Ant Financial and gaming company Razer Inc (OTC: RAZFF) have joined the race to get Singapore's digital banking license.

Benzinga · 01/02/2020 11:12

Alibaba Group Holding Ltd (NYSE: BABA) fintech subsidiary Ant Financial and gaming company Razer Inc (OTC: RAZFF) have joined the race to get Singapore's digital banking license.

Ant Financial Seeks Wholesale License

Ant Financial has applied for a wholesale bank license with the Monetary Authority of Singapore, Bloomberg reported on Thursday.

"We look forward to contributing to the development of the digital banking landscape in Singapore," Ant Financial told Bloomberg in a statement.

The MAS is awarding as many as five digital banking licenses, including three wholesale bank and two full digital bank.

The licenses, announced June last year, are aimed at increasing competition in the financial industry in the country by pitting technology and e-commerce companies against traditional banking giants.

"The new digital bank licences mark the next chapter in Singapore's banking liberalisation journey. They will ensure that Singapore's banking sector continues to be resilient, competitive and vibrant," the MAS chairman Tharman Shanmugaratnam said at the time.

Rising Competition

San Diego-based gaming giant Razer also said on Wednesday that it has applied for the full bank license, which is another category, Bloomberg reported.

Razer has formed a consortium with other Singapore-based companies, including mobile internet company LinkSure Global, automotive marketplace Carro, and Insignia Ventures Partners, for the application process.

Earlier in the week, the Southeast Asian ride-sharing giant Grab Holdings Inc. said that it is also applying for a full banking license in partnership with telecom operator Singapore Telecommunications Ltd. (OTC: SNGNF).

Price Action

Alibaba's shares closed 0.38% lower at $212.10 on Tuesday. The shares added $3.92 in the after-hours trading.

Razer's shares closed 2.94% lower at $0.16 in the OTC market.