Jack Ma's Ant Financial and TikTok-owner ByteDance are among the contenders, with both players putting in separate solo applications.
Industry watchers say that, with their extensive experience and tech capabilities, the Chinese players are the ones to watch. "They have the scale, they have proven business plans and they also have deep pockets to fund a long-term business.""We expected the Chinese big boys to make a move to Asean and Asia. Two factors have hit them: the crowding and competition in China, and the stipulated slowdown ," said Mr Daruwala.
Despite the obvious strengths of the Chinese players, they bring with them factors such as concentration risk.
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