Singapore-based Sea Limited (NYSE: SE) has seen a pop in its share price premarket on Friday after the company announced it has been selected for the award of a digital full bank license in Singapore.
The Monetary Authority of Singapore announced that Sea, along with Grab-Singtel, will be the first companies to be awarded the licenses. At the same time, Ant, and a consortium made up of Greenland Financial Holdings, Linklogis Hong Kong, and Beijing Cooperative Investment Fund Management will be given a digital wholesale bank license.
Digital full bank licenses will allow the companies to work like any other retail bank with the exception that all of the banking services will be conducted online. In contrast, digital wholesale bank licenses are geared towards the non-retail banking sector.
“We are thankful to the Monetary Authority of Singapore for entrusting Sea with this important responsibility of broadening access to the opportunities of digitalisation. As a proudly homegrown company, we look forward to further contributing to the long-term development of our nation's digital economy,” said Forrest Li, Chairman and Group CEO at Sea.
The global consumer internet company's shares are currently priced at $191.51 premarket on Friday, up 4.35% from Thursdays close at $183.53.
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