Sim says Evergreen is exploring the market landscape of countries in the region and will apply for a banking licence once a decision has been made.
He said it has been mulling over whether to choose a developed country such as South Korea and Japan or a developing country such as Malaysia, Cambodia or Vietnam. “Malaysia is pretty viable from what we have been discussing, that would be exciting because it is closer to Singapore,” Sim told, adding that setting up infrastructure as well as adhering to licensing and regulations is expected to be completed within three years.
He said that while it will operate as an investment bank initially, it will gradually move towards retail banking, albeit noting that it is likely to take more than three years to realise that goal. Sim said it is a natural trajectory for the group to venture into banking as with its micro loan services, it is already operating as a bankAs at September 2023, its financial sector contributed to the bulk of its revenue at S$62 million , which mostly includes trade, vendor and invoice financing services in Singapore, Cambodia, Vietnam and South Korea, while its automative business registered S$2.8 million.