Xiaomi has Applied For a Wholesale Banking License in Singapore

  • Xiaomi had recently tied-up with finance firms in India as well
  • Xiaomi Finance, AMTD Group, SP Group and other funding societies have collaborated for the same
  • The Parties are working  to create a platform for facilitating banking solutions to SMEs

Xiaomi Finance, AMTD Group, SP Group and Funding Societies (Parties) have jointly announced the formation of an exclusive strategic partnership. The parties have also submitted an application to monetary authority of Singapore for a digital wholesale banking licence on 31 December 2019.

“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 AIoT 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 vigor into Southeast Asian markets,”noted Hong Feng, co-founder and senior-vice-president of Xiaomi Corporation, chairman & CEO of Xiaomi Finance.

Focusing on Southeast Asia and Greater China

The Parties are working together to create a platform for facilitating banking solutions to small and medium-sized enterprises (SMEs). They ar focusing on Southeast Asia and Greater China, in particular the Greater Bay Area, in all stages of their growth.

“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 program 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,”noted Calvin Choi, Chairman and CEO 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 the Singapore society.” added Kelvin Teo, Co-founder and CEO 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” stated Chuah Kee Heng, board director, SPComm, a subsidiary of SP Group.

It is to be noted here that Xiaomi has recently collaborated with finance firms in India as well. The company is connecting people in need of loans with finance providers.