International Finance

Temasek firm consortium to bid for virtual bank licence

: Temasek digital banking licence
Sheng Ye Capital-led consortium applies for one of three wholesale digital bank licences in Singapore

Temasek-aided Sheng Ye Capital has teamed up with financial conglomerate PhillipCapital and fintech company Advance.AI to apply for a wholesale digital banking licence in Singapore.

Sheng Ye Capital, with over S$1 billion in market capitalisation, leads the consortium in applying for one of the three digital wholesale bank licenses that are available in Singapore.

The Hong Kong-listed Sheng Ye Capital is a supply chain finance organisation started by Jeff Tung, a Singaporean. As the dominant player in the consortium, Sheng Ye Capital seeks to leverage on its expertise in teaming up with small-medium enterprises (SMEs) to produce a successful Singapore digital bank.

And, incidentally, all the three consortium members happen to be headed by local Singaporeans. Out of the three firms, Sheng Ye Capital and Advance.AI are supported by Temasek arm Pavilion Capital.

Advance.AI’s technological prowess in utilising big data and artificial intelligence (AI)is a big asset when it comes to the processes of identifying frauds and credit scoring, and serving more than 400 monetary organisations.

PhillipCapital’s foray into the virtual banking domain is a huge step in taking the financial conglomerate to a higher level. The firm is already facilitating SMEs with hedging volatility, funding and generating an enhanced return on their assets.

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