Xiaomi Finance announced partnership with AMTD Group, SP Group and Funding Societies to apply to the Monetary Authority of Singapore (MAS) for a digital wholesale banking license. According to a press release from Xiaomi, the consortium aims to create revolutionary platform banking solutions to SMEs, focusing on Southeast Asia and China in all stages of their growth.
With the combined strengths and resources from all parties, the consortium’s digital bank is devoted to empowering and enabling sustainable developments of SMEs through innovative financial solutions and products via AI and big data analysis, among others. Xiaomi co-founder and senior vice president Hong Feng commented that the company and its partners will use its global lead in 5G and AIoT advantage to build a Singaporean digital bank with superior products. “We believe this will inject new vitality into global digital banking and new vigor into Southeast Asian markets,” he added in the press release.
MAS announced that it will issue digital bank licenses back in June 2019 which will allow entities, including non-bank participants, to conduct digital banking businesses in Singapore. Among those that have announced their participation in applying for the license include gaming firm Razer, and a partnership between Grab and Singtel.
According to their website, MAS is set to announce the successful applicants in June 2020. The approved license holders are expected to commence business by mid-2021.
(Top image: Wikimedia.)