Green Link Digital Bank (GLDB) started operating in Singapore on 3 June, making it Singapore’s first digital bank.
Here’s what we know about the company, and the future of digital banks in Singapore.
Digital Wholesale Bank
GLDB is owned by Chinese developer and state-owned enterprise Greenland Holdings, together with supply chain financing platform Linklogis Hong Kong.
They won approval to open GLDB in Singapore back in late 2020, and registered in Singapore in May 2021. They won one of two digital wholesale bank licenses from the Monetary Authority of Singapore.
As a digital wholesale bank. it serves all sorts of clients, from enterprises to non-retail. It is also allowed to extend secured and unsecured loans to businesses.
As for commercial banking, it offers cash and payments, together with loans and trade financing. Its supply chain financing solutions, targeting sectors such as sustainable building materials, photovoltaic technology and smart home systems, allow businesses to extend credit terms to buyers. It also allows suppliers to be paid early.
The digital bank told The Straits Times that customers can access the bank online via their website, while digital tokens will be available through their app. Additional features will come in the later stages of operation.
Cultivate an Open Digital Finance Ecosystem in Singapore
The bank, though digital, has a physical office at Mapletree Business City, with about 75 staff based in Singapore.
GLDB’s chairman, Geng Jing, said that the company hopes to play a significant role in cultivating an open digital finance ecosystem in Singapore.
Vice-chairman Song Qun revealed more details of what the company hopes to explore in the future, including the application of technology in finance like artificial intelligence, blockchain, cloud computing and big data.
Additionally, the bank would consider environmental, social, and governance factors while developing its products and planning for growth.
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Other Digital Banks in Singapore
The other group that won a licence from MAS is Ant Group, which has recently started mass-hiring in Singapore. They are expected to start operations later in 2022.
Meanwhile, Grab announced last month that their digital bank, GXS Bank, will launch later this year as well.
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Featured Image: Green Link Digital Bank
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