Ant Financial and Razer join race for Singapore digital bank license

Alibaba's affiliate, gaming hardware maker to vie with Grab-Singtel alliance

Ant Financial, which operates Alipay, China's largest mobile and online payments platform, already owns stakes in several companies outside China, including Paytm in India. © Reuters

January 2, 2020 17:14 JST

Updated on January 2, 2020 22:13 JST

SINGAPORE (Nikkei Markets) -- Alibaba Group Holding's Ant Financial and gaming hardware maker Razer have joined the race for a digital banking license in Singapore as the city-state prepares to open up its banking sector to greater competition.

Ant Financial has applied for a wholesale license that will restrict it to serving corporate customers.