Jack Ma, Grab eye opportunities in Singapore digital bank battle
Alibaba founder Jack Ma is among an eclectic group of 21 applicants vying for five digital banking licences, Singapore's central bank and financial regulator says. – EPA pic, January 12, 2020.
SINGAPORE is opening up its banking industry to digital lenders in a reform that could shake up the sector across Southeast Asia, with Chinese billionaire Jack Ma and ride-hailer Grab among those seeking licences. Traditional banks are being challenged by a new generation of online-only competitors that can offer better savings and borrowing rates, as they don’t need to spend money on overheads such as physical branches.
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