SG's OCBC in talks with Singtel for virtual bank license

Photographer: Nicky Loh/Bloomberg

Oversea-Chinese Banking Corp. is in talks with companies including Singapore Telecommunications Ltd. about seeking one of the city-state’s planned virtual bank licenses, according to people familiar with the matter.

Singapore’s second-largest bank would take a minority stake in any virtual-banking joint venture and sees it as a way to tap new customers and markets, the people said, requesting anonymity because the talks are confidential. For example, Singtel might have clients for its phone services that don’t bank with OCBC, one of the people said.

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