Singapore wholesale digital-only bank Green Link Digital Bank debuts
The wholesale bank targets micro, small, and medium enterprises.
Green Link Digital Bank (GLDB), which secured one of the five digital bank licenses from the Monetary Authority of Singapore, has officially commenced banking business in the island state.
In a press statement, GLDB–which was granted a Digital Wholesale Banks (DWBs)– targets the micro, small and medium enterprises (MSMEs) in the city.
GLDB was formed by a consortium comprising Greenland Financial Holdings Group, a financial services and asset management firm backed by Chinese state-owned real estate company Greenland Holdings; Linklogis Hong Kong, which offers money lending services and supply chain financing; and the Beijing Co-operative Equity Investment Fund Management.
The neobank plans to offer technological solutions to provide accessible commercial banking, as well as supply chain offerings, to the underserved MSMEs.
“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,” said Geng Jing, chairman of GLDB.
GLDB vice chairman Song Qun said that they aim to become a leading supply chain finance technology solution provider for MSMEs in Singapore.
“ We will continue to explore the application of advanced technologies such as AI, blockchain, cloud computing, and big data (ABCD) in supply chain finance, incorporate environmental, social, and governance (ESG) factors into our product development and growth strategies, and create a digital banking industry benchmark, contribute to the Singapore market, and realise sustainable growth,” Qun said.
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