The digital banking race in Singapore got a little more competition, as iFast Corp., a wealth management fintech, announced that it is leading a consortium that includes Yillion Group and Hande Group, to apply for a wholesale digital banking license. 

Yillion operates four digital banks in China and the Hong Kong-listed Meituan Dianping, the third-largest internet group in China, is one of its key shareholders. Hande Group, a Chinese fintech, was founded by former Webank president Cao Tong. 

"By tapping on the unique strengths and experiences of each consortium member, we are confident that an iFast led digital bank will be well equipped with the technological expertise, digital banking and wealth management capabilities to better address some of the inefficiencies, and assist the underserved market segments in Singapore’s banking industry," Lim Chung Chun, chairman and CEO of iFast, said in a company release. 

The iFast announcement follows similar filings for digital banking licenses by Alipay parent Ant Financial and gaming and e-sports giant Razer, as well as a prior joint filing by ride sharing and fintech app GrabPay with telco firm Singtel.