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Hong Kong's AMTD eyes Singapore digital bank licence, to include Asean in its 'spider web'

Chan Chao Peh
Chan Chao Peh10/8/2019 06:30 AM GMT+08  • 7 min read
Hong Kong's AMTD eyes Singapore digital bank licence, to include Asean in its 'spider web'
(Nov 11): AMTD Group is eyeing a virtual banking licence in Singapore but, before it has even put in an application, it has already established a significant physical presence in the city state.
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(Nov 11): AMTD Group is eyeing a virtual banking licence in Singapore but, before it has even put in an application, it has already established a significant physical presence in the city state.

On Sept 19, the Hong Kong-based, New York-listed financial institution spent $289 million to buy part of the OUE Downtown mixed-use development in a joint venture with Far East Consortium International. The JV purchased the Oakwood Premier serviced apartments and has renamed it Oakwood Premier AMTD.

For Calvin Choi, chairman and CEO of AMTD, buying this property is a strong signal of the big plans he has for the company in Singapore and Southeast Asia — regardless of whether AMTD gets a virtual bank licence.

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