Xiaomi Finance, AMTD, SP Group and Funding Societies join hands to apply for digital banking license in Singapore
By Digital News Asia January 10, 2020
- Devoted to empowering and enabling the sustainable development of SMEs
- To leverage on state-of- the-art technologies including AI & big data analysis
XIAOMI Finance, AMTD Group, SP Group and Funding Societies (collectively, the parties), jointly announced the formation of an exclusive strategic partnership and their submission of an application to Monetary Authority of Singapore (MAS) for a digital wholesale banking license on Dec 31, 2019.
The parties are committed to creating a platform of banking solutions for small and medium-sized enterprises (SMEs), focusing on Southeast Asia and Greater China, in particular the Greater Bay Area, in all stages of their growth.
Combining the strengths and resources of all parties, the digital bank is devoted to empowering and enabling the sustainable development of SMEs through innovative financial solutions and products via state-of- the-art technologies including AI & big data analysis.
By doing so, the digital bank will drive and connect these SMEs to the capital markets, facilitate green and sustainable developments and financing options, as well as improve their productivity and efficiency through IoT platforms and smart devices.
Hong Feng, co-founder and senior vice president of Xiaomi Corporation, chairman and chief executive officer of Xiaomi Finance, said, “Singapore is the pivotal base of fintech development in Southeast 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.
“As a global Internet company and tech leader, Xiaomi will take advantage of its global lead in 5G and IoT to build a Singaporean digital bank with superior products together with our partners. We believe this will inject new vitality into global digital banking and new vigour into Southeast Asian markets.”
“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.
“We are committed to providing a complete and well-rounded SME CONNECT programme to cultivate and support the growing needs of these companies in order to groom the next generation of leaders in their respective industries as well as strengthen their value creation and contributions to the Singapore society,” said Calvin Choi, chairman and chief executive officer of the AMTD Group which leads the consortium.
“By working with impact-focused partners, we shall further enable financial inclusion for SMEs and facilitate SMEs’ growth into regionally competitive companies, ultimately contributing to Singapore society,” added Kelvin Teo, co-founder and chief executive officer of Funding Societies, a home-grown Singaporean fintech firm.
“SP Group is building on our 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,” said Chuah Kee Heng, board director, SPComm, a subsidiary of SP Group.