Alibaba’s Ant Financial applies for Singapore digital banking licence

China’s Ant Financial, an affiliate of ecommerce giant Alibaba Group Holdings, has joined the race for a digital banking licence in Singapore, the company said in a statement on Thursday.

The Monetary Authority of Singapore (MAS) has said it will issue five such licences, as it embarks on the biggest liberalisation of its banking sector in two decades.

“In line with our commitment to promoting financial inclusion globally, we have submitted an application to the Monetary Authority of Singapore for a digital wholesale banking licence,” a spokesperson for the company said in an emailed statement.