Green Link Digital Bank (GLDB), the first digital bank to operate in Singapore, opened its virtual business doors on June 3, the company said in a statement on the same day. The bank, which has been awarded one of two wholesale digital banking licenses in Singapore, said it aims to provide commercial banking to small and medium-sized enterprises with supply chain financing and technology services. New digital lenders are allowed to provide secured and unsecured loans to businesses. In particular, Green Link Digital Bank will provide supply chain financing solutions targeting areas such as sustainable building materials, photovoltaic technology and smart home systems,…
Green Link Digital Bank (GLDB), the first digital bank to operate in Singapore, opened its virtual business doors on June 3, the company said in a statement on the same day.
The bank, which has been awarded one of two wholesale digital banking licenses in Singapore, said it aims to provide commercial banking to small and medium-sized enterprises with supply chain financing and technology services.
New digital lenders are allowed to provide secured and unsecured loans to businesses. In particular, Green Chain Digital Bank will provide supply chain financing solutions targeting areas such as sustainable building materials, photovoltaic technology and smart home systems, allowing businesses to extend credit terms to buyers and suppliers for early payment.
Chinese ownership
Registered in Singapore in May 2021, the bank is owned by Chinese developer and state-owned firm Greenland Holdings and Hong Kong-based supply chain finance platform Linklogis International. It has been approved by the Monetary Authority of Singapore to operate in the city-state by the end of 2020.
Geng Jing, the bank’s chairman, said he hoped Green Link Digital Bank “plays an important role in fostering an open digital financial 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,” added Vice Chairman Song Qun.
The Green Link digital bank may soon face competition from another digital bank run by a consortium of e-commerce firm Grab and telecom firm Singtel called GXS Bank, which aims to launch in the second half of this year .
