15 Sep

Singapore’s Hong Leong Finance is The Latest to Seek Digital Banking License

Singapore’s Hong Leong Finance is The Latest to Seek Digital Banking License
Source: Fintech News
Hong Leong Finance Ltd is the latest entity seeking to apply for Singapore’s digital banking license, according to Bloomberg.

Hong Leong who still uses fax machines as part of its application process said that they see this as an “opportunity to find new customers and re-invent itself as a tech-savvy lender to the nation’s new businesses.”

Its president Ang Tang Chor, also said to Bloomberg that they are in talks with a fintech firm to jointly apply for the license but declined to name the firms they have been talking to.

Not to be confused with its namesake in Malaysia, Hong Leong Finance is a separate entity from Malaysia’s Hong Leong Bank. Hong Leong Finance was founded in Singapore in 1961 and has grown to be a prominent finance company since.

The application for Singapore digital banking license has opened up since August 29th, MAS has given interested parties until 31st December 2019 to submit their application.

MAS expects to announce the successful applicants in mid-2020. Successful applicants will be expected to commence business by mid-2021.

Link: http://fintechnews.sg/33601/virtual-banking/hong-leong-finance-digital-banking-license/

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