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Temasek-backed firm leads consortium to vie for digital wholesale bank licence

HK-listed Sheng Ye Capital teams up with PhillipCapital and Advance.AI in the quest to build a data-driven "next generation" SME bank

Published Sun, Jan 5, 2020 · 09:50 PM
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Singapore

A TEMASEK-BACKED company, with more than S$1 billion in market capitalisation, is leading a consortium to vie for one of the three wholesale bank licences up for grabs in Singapore.

Hong Kong-listed Sheng Ye Capital, a supply chain finance company founded by Singaporean Jeff Tung, is teaming up with financial conglomerate PhillipCapital and fintech Advance.AI in the quest to build a data-driven "next generation" SME bank that will help businesses grow and expand into Asia. "We believe we can build the bank into a regional franchise with Singapore as the hub," Mr Tung told The Business Times.

All three consortium members are owned or led by Singaporeans, compared with many of the other Chinese wholesale banking applicants that ha…

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