Trump Administration Said to Mull Putting Digital Payments Giant Ant Group on Trade Blacklist: Report
The move comes as Ant, a global leader in digital payments, is readying what could be an offering worth up to a record $35 billion.
Regulators have been clamping down on Ant Group, even cancelling its expected $35 billion twin IPO late last year.
The approved digital banks will be able to start operating from Singapore in early 2022.
The two commercial banks join the six state-owned banks already participating in the CBDC trial.
Ant Group's IPO has been suspended on both the Shanghai and Hong Kong stock exchanges due to significant changes in China's regulatory environment for fintech firms.
As Jack Ma's Ant Group gets Hong Kong approval for its $30 billion IPO, it has rolled out a blockchain platform aimed at protecting users' copyrights.