Photo/Shetuwang

Jan. 7 (NBD) -- The financial arm of Chinese tech giant Xiaomi Corp (1810.HK) has joined hands with financial services firm AMTD Group, peer-to-peer lending platform Funding Societies, and Singapore's leading utilities provider SP Group to vie for a digital wholesale bank license in Singapore.

The parties jointly announced on Tuesday that they filed the application with the Monetary Authority of Singapore (MAS) on December 31, 2019.

They joined other enterprises such as gaming company Razer Inc (01337.HK), Ant Financial, an affiliate of ecommerce giant Alibaba (NYSE:BABA), and ride-hailing firm Grab in the digital banking race in the Southeast Asian nation, National Business Daily noticed.

The MAS said today that it has received 21 applications for up to five digital bank licenses to be issued by the middle of this year.

The applications comprise 7 bids for the digital full bank licenses that allow firms to serve both retail and corporate customers and 14 for the wholesale bank licenses that are limited to non-retail clients.

Email: lansuying@nbd.com.cn