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Ant Financial in running for Singapore banking license

|About: Alibaba Group Holding Limited (BABA)|By: , SA News Editor

Alibaba's (NYSE:BABA) Ant Financial affiliate has applied for a digital banking license in Singapore.

Singapore's central bank will issue up to two digital full bank licenses and three wholesale bank licenses.

Ant Financial statement to CNBC: "In line with our commitment to promoting financial inclusion globally, we have submitted an application to the Monetary Authority of Singapore for a digital wholesale banking license."

Gaming company Razer is leading a consortium that has also applied for a license. Ride-hail firm Grab and Singapore Telecommunications are teaming up for an application.

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