Chinese device vendor Xiaomi lined up strategy partners to jointly apply for a digital wholesale banking licence in Singapore, as it moves to use AI and big data analysis to create a banking platform for small- and medium-sized enterprises.
The company said its financial unit formed an alliance with AMTD Group, SP Group and Funding Societies, with the aim of leading innovation in Singapore’s fintech industry and accelerating financial inclusion.
Hong Feng, chairman and CEO of Xiaomi Finance, said: “Singapore is the pivotal base of fintech development in Southeast Asia. Xiaomi will take advantage of its global lead in 5G and Artificial Intelligence of Things to build a Singaporean digital bank with superior products together with our partners.”
The Monetary Authority of Singapore (MAS) said it received 21 applications, seven for full digital bank licences and 14 for digital wholesale bank permits.
MAS plans to issue two digital banking and three wholesale licences by mid-2020.
Other applicants include gaming company Razer, and taxi-booking platform Grab and operator Singtel, which submitted a joint application.
Singapore’s central bank commenced a search for new digital finance players in August 2019.Subscribe to our daily newsletter Back