Ping An unit OneConnect looks to secure SG digital bank license

Singapore city skyline. Photo: Nicky Loh/Bloomberg

Ping An Insurance (Group) Co.’s financial technology unit is considering an application for one of Singapore’s new digital banking licenses, according to a person familiar with the matter.

OneConnect is looking to secure a wholesale license which would allow it to provide banking services to small and medium-sized businesses on the island, said the person, who requested anonymity because the plan is confidential.

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