(In Hong Kong SAR China, for example, Fusion Bank is led by Tencent and ICBC; Standard Chartered-led Mox is backed by HKT, PCCW, and online finance company CTrip Financial.) The majority of publicly known applicants in Singapore's licensing round, which closed in December 2019, were consortia. And in the full banking license category, which requires paid up capital of the equivalent of roughly US$1 billion, two of the four nominees eventually awarded licenses were consortia.