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Digibank contender Sheng Ye eyes Singapore homecoming

Published Sun, Feb 23, 2020 · 09:50 PM
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Singapore

HONG Kong-listed supply chain financing company Sheng Ye Capital might be an unknown name here, but its chairman and founder Jeff Tung intends to change that with its digital bank ambitions in Singapore.

Earlier in January, the Temasek-backed company surprised the market with its plan to lead a consortium to gun for one of the coveted wholesale digital bank licences here, together with finance house PhillipCapital and fintech Advance.AI.

The move has piqued interest in a profitable firm with a S$1 billion market capitalisation, with Sheng Ye backed by investors including Temasek unit Pavilion Capital, US investment firm Olympus Capital and state-owned insurer China Taiping.

For controlling shareholder Mr Tung, who is a Singaporean currently based in Hong Kong, his digital bank bid is a homecomin…

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