The Silicon Review ^Asia

Zall Smart Commerce Group announced that it has formed a partnership with the Japanese trading company Marubeni and the Global eTrade Services unit of CrimsonLogic based in Singapore to apply for a digital wholesale banking license in the city-state. This will be the latest to apply for a Singapore digital banking license. The Chinese company will join the partnership of the Japanese trading company Marubeni and Global eTrade Services headquartered in Singapore.

The consortium seeks a wholesale digital banking license in Singapore, and hopes to contribute to the development of the city-state as a global trading financial hub, Zall said in a statement. According to the Monetary Authority of Singapore (MAS) earlier this month, it joins 14 other groups that have applied for the same license alongside another seven that have applied for full-bank digital licenses. The regulator added that they could issue up to five of the licenses by June this year. In addition to their e-commerce business, Zall also has some digital finance experience in mainland China. In 2017, the company acquired a virtual market banking license and has been operating as a Z-Bank since then.