(Sept 13): Singapore’s Hong Leong Finance sees the country’s plan to issue virtual banking licences as an opportunity to find new customers and re-invent itself as a tech-savvy lender to the nation’s new businesses.
The firm, founded in 1961, has been in talks with financial-technology companies about a joint application for one of the licences, according to President Ang Tang Chor. It wants to find a partner that will help it apply technology to its lending decisions, with a view to doing more business with millennials and newly established firms.
“We have the customer base, we have the reach but we don’t have the platform,” Ang, 70, said in an interview.
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