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
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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.
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