Ping An Insurance: Considers Singapore neobank licence

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Ping An Insurance: Considers Singapore neobank licence

Ping An Insurance: Considers Singapore neobank licence

  • The licence would allow Ping An’s fintech arm OneConnect to offer banking services to SMEs across Singapore
  • Its virtual banking license in Hong Kong secured earlier this year
  • The insurance firm sees massive opportunities in the new virtual banking space that reaches out to the underserved segment in Singapore
  • OneConnect currently offers AI and cloud computing technology to more than 3,700 financial institutions
  • The Monetary Authority of Singapore says it will accept all applications until the end of this year