TechFlow news, on December 4, the Monetary Authority of Singapore (MAS) issued four digital banking licenses, including two digital full bank licenses and two digital wholesale bank licenses. License recipients include Ant Group and Sea Group, in which Tencent holds shares.
MAS expects the new digital banks to commence operations in early 2022.
1. Digital Full Bank:
1) Consortium formed by Grab Holding Inc. and Singapore Telecommunications Limited.
2) Entity wholly owned by Sea Ltd. Tencent is the largest shareholder of Sea Ltd. (Sea Group), holding a 33% stake.
2. Digital Wholesale Bank:
1) Consortium jointly formed by Greenland Financial Holdings Group Co., Ltd., LinkedIn Hong Kong Limited, and Beijing Synergy Equity Investment Fund Management Co., Ltd.
2) Entity wholly controlled by Ant Group Co., Ltd.
