AMTD-led consortium confirms digibank wholesale application in Singapore

THE consortium comprising AMTD Group, SP Group, Xiaomi Finance and Funding Societies, on Tuesday announced that it has applied for a digital wholesale banking licence in Singapore.

AMTD will lead the consortium, the joint statement said, confirming an earlier report from The Business Times.

In a joint announcement, the consortium said the parties will look to bank small and medium-sized enterprises (SMEs) and entrepreneurs focused on South-east Asia and Greater China - and in the particular, the Greater Bay Area - in all stages of their growth.

"By combining the strengths and network of resources of the parties, the digital bank is committed to drive and connect these SMEs to the capital markets, facilitate green and sustainable developments and financing options, and improve their productivity and efficiency through Internet of Things (IoT) platform and smart devices," they said.

Calvin Choi, chairman and CEO of Hong Kong's AMTD Group, said: "Our ultimate goal is to establish Singapore's most innovative platform bank through an ecosystem of strategic partners to cater for the entire spectrum of funding and business development needs of SMEs and entrepreneurs. Eventually these successful customers will become the most valuable additions and long-term partners to our ecosystem and banking platform."

Chairman and CEO of Xiaomi Finance Hong Feng, said Singapore is the "pivotal base" of fintech development in South-east Asia.

"Xiaomi's strategic collaboration and alliance with AMTD, SP Group and Funding Societies aims to lead innovation in Singapore's fintech industry and accelerate financial inclusion," he said.

"As an international Internet company, Xiaomi will leverage its global lead in 5G and artificial Internet of Things (AIoT), together with its partners, build a Singaporean digital bank with superior products, bringing new vigor and vitality into global digital banking and new energy to South-east Asia markets."

Chuah Kee Heng, board director, SPComm, a subsidiary of SP Group, said SP Group is building on its relationship with every utilities customer in Singapore to enable SMEs to achieve business sustainability.

"With SMEs increasingly adopting green practices, we can support their aspirations through cost-effective financing. This will enable them to make business decisions that contribute to Singapore's sustainability targets."

Kelvin Teo, co-founder and CEO of peer-to-peer lender Funding Societies, said by working with "impact-focused partners", it can facilitate SMEs' growth into regionally competitive companies.