First digital bank launches in Singapore
Green Link Digital Bank, or GLDB, the first digital bank to operate in Singapore, opened its virtual doors for business on June 3, the company said in a statement on the same day.
The bank, which received one of Singapore’s two wholesale digital banking licenses, said it is targeting commercial banking for micro-small-medium enterprises with supply-chain financing and technology services.
The new digital lender is licensed to extend both secured and unsecured loans to businesses. In particular, Green Link Digital Bank will offer supply chain financing solutions, targeting sectors such as sustainable building materials, photovoltaic technology and smart home systems, allowing businesses to extend credit terms to buyers and suppliers to be paid early.
Chinese ownership
The bank, which was registered in Singapore in May 2021, is owned by Chinese developer and state-owned enterprise Greenland Holdings and supply chain financing platform Linklogis International from Hong Kong. It received approval from the Monetary Authority of Singapore to launch operations in the city state back in late 2020.
The bank’s chairman Geng Jing said that he hopes that Green Link Digital Bank would “play a significant role in cultivating an open digital finance ecosystem in Singapore.”
“We will continue to explore the application of advanced technologies such as artificial intelligence, blockchain, cloud computing and big data in supply chain finance,” vice-chairman Song Qun added.
Green Link Digital Bank is likely to soon face competition from another digital bank operated by a consortium of e-commerce firm Grab and telecom company Singapore Telecommunications called GXS Bank, which is targeting a launch in the second half of this year, as well as by ANEXT Bank, a new digital lender backed by China’s Ant Group.
Green Link Digital Bank, or GLDB, the first digital bank to operate in Singapore, opened its virtual doors for business on June 3, the company said in a statement on the same day. The bank, which received one of Singapore’s two wholesale digital banking licenses, said it is targeting commercial banking for micro-small-medium enterprises with supply-chain financing and technology services. The new digital lender is licensed to extend both secured and unsecured loans to businesses. In particular, Green Link Digital Bank will offer supply chain financing solutions, targeting sectors such as sustainable building materials, photovoltaic technology and smart home systems,...
Green Link Digital Bank, or GLDB, the first digital bank to operate in Singapore, opened its virtual doors for business on June 3, the company said in a statement on the same day.
The bank, which received one of Singapore’s two wholesale digital banking licenses, said it is targeting commercial banking for micro-small-medium enterprises with supply-chain financing and technology services.
The new digital lender is licensed to extend both secured and unsecured loans to businesses. In particular, Green Link Digital Bank will offer supply chain financing solutions, targeting sectors such as sustainable building materials, photovoltaic technology and smart home systems, allowing businesses to extend credit terms to buyers and suppliers to be paid early.
Chinese ownership
The bank, which was registered in Singapore in May 2021, is owned by Chinese developer and state-owned enterprise Greenland Holdings and supply chain financing platform Linklogis International from Hong Kong. It received approval from the Monetary Authority of Singapore to launch operations in the city state back in late 2020.
The bank’s chairman Geng Jing said that he hopes that Green Link Digital Bank would “play a significant role in cultivating an open digital finance ecosystem in Singapore.”
“We will continue to explore the application of advanced technologies such as artificial intelligence, blockchain, cloud computing and big data in supply chain finance,” vice-chairman Song Qun added.
Green Link Digital Bank is likely to soon face competition from another digital bank operated by a consortium of e-commerce firm Grab and telecom company Singapore Telecommunications called GXS Bank, which is targeting a launch in the second half of this year, as well as by ANEXT Bank, a new digital lender backed by China’s Ant Group.
