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Zall Smart Commerce Joins Singapore Digital Bank License Race

Yoolim Lee

(Bloomberg) -- Zall Smart Commerce Group, a Chinese business-to-business e-commerce company, said it’s part of a group applying for a digital wholesale banking license in Singapore, joining the race to shake up the city-state’s financial industry.

Other consortium partners are Japanese trading company Marubeni Corp. and Singapore-based Global eTrade Services, a unit of CrimsonLogic Pte, Zall said in an emailed statement. The group aims to contribute to Singapore’s development as a global financial hub for trading activities, it said.

Zall has been operating Z-Bank in China since obtaining a virtual banking license in the country in 2017.

The Zall-led group is the latest applicant to announce bids for a digital wholesale banking license. Other companies gunning for the licenses to serve corporate clients include Jack Ma’s Ant Financial. A total of 14 groups made bids for digital wholesale permits, while seven applied for digital full-bank licenses, the Monetary Authority of Singapore said earlier this month.

Read more: Singapore Sees ‘Strong Interest’ in Digital Bank Licenses (3)

--With assistance from Russell Ward.

To contact the reporter on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net

To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Peter Elstrom

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