Jack Ma’s Ant Group, 3 Other Digital Banks Get OK to Operate in Singapore
The approved digital banks will be able to start operating from Singapore in early 2022.
The terms of the restructuring are expected to curb the Alibaba affiliate's profitability and valuation.
The only non-Chinese firm in the rankings, IBM, came fourth in terms of number of patents.
The Alibaba-affiliated company disclosed the information over the weekend at the Digital China Summit in Fuzhou.
The two commercial banks join the six state-owned banks already participating in the CBDC trial.
Regulators have been clamping down on Ant Group, even cancelling its expected $35 billion twin IPO late last year.