Greenland Group-linked Green Link Digital Bank becomes first digital bank to launch in Singapore

GREEN Link Digital Bank (GLDB), owned by a consortium comprising Greenland Financial and Linklogis Hong Kong on Friday (Jun 3) began operations in Singapore, becoming among the first digital bank licensees to launch here. (*see amendment note)

The consortium had received a digital wholesale bank licence from the Monetary Authority of Singapore in December 2020. The digital bank will serve micro, small and medium-sized enterprises (MSMEs) with banking and financial services.

It also aims to expand its service coverage and create more supply chain financing products to cater to business demands from various areas, including high-growth potential industries.

Greenland Financial and its subsidiary Greenland Digital Technology will aid GLDB in financial technology and digital innovation, while Linklogis will provide support via its supply chain finance technology, said GLDB.

Commenting on the launch, GLDB chairman Geng Jing said: “We aspire to be one of the key contributors towards digital economy advancements in Singapore and hope to play a significant role in cultivating an open digital finance ecosystem in Singapore.”

Vice-chairman Song Qun said: “We will continue to explore the application of advanced technologies such as AI (artificial intelligence), blockchain, cloud computing, and Big Data in supply chain finance, incorporate environmental, social, and governance factors into our product development and growth strategies, and create a digital banking industry benchmark.”

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Consortium leader Greenland Financial is owned by Chinese real estate developer and state-owned enterprise Greenland Group.

GLDB is the first of the 4 digital bank licensees to commence operations in Singapore.

A Grab-Singtel consortium and tech giant Sea each bagged a digital full-bank licence, while Ant Group joined GLDB in securing a digital wholesale bank licence.

* Amendment note: A previous version of the story noted that Beijing Co-operative Equity Investment Fund Management is a member of the consortium. Green Link Digital Bank has since clarified that Beijing Co-operative Equity Investment Fund Management is no longer a shareholder of the company.