Ping An's OneConnect eyes backstage role in S-E Asian digibank race

Singapore

ONECONNECT, the fintech associate of China's Ping An Group, decided not to apply for a digital banking licence in Singapore after exploring the prospects, its chief executive for Asia-Pacific and the United Arab Emirates, Tan Bin Ru, told The Business Times.

The company, which already owns a virtual banking licence in Hong Kong, instead wants to position itself as a digital banking enabler in South-east Asia, providing end-to-end solutions for the upcoming crop of digital banks here.

Ms Tan was addressing market speculation that OneConnect has entered Singapore's digital banking…