Chinese technology giant Ant Group is hiring for 20 new positions in Singapore in a bid to expand operations in the Southeast Asian market.

The expansion of Ant’s digital banking team in Singapore indicates that the digital bank could open later this year, sources familiar with the development told South China Morning Post (SCMP).

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Currently, the Chinese fintech has a team of around 300 in Singapore that run its Southeast Asian operations.

“Hiring and developing talent is a core part of Ant Group’s people strategy as we strengthen our capabilities in Southeast Asia and support individuals and businesses, especially SMEs, to ride the region’s wave of the digital economy,” Ant’s representative was quoted by the publication as saying.

According to Ant’s LinkedIn posts, the firm is hiring for positions across, credit management, security and marketing for the digital bank in Singapore.

The new positions also cover payments and compliance for Alipai+, a cross-border digital payment service.

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Earlier this year, the firm appointed Jia Hang, who joined Ant in 2015 from UnionPay, as the first regional head of Southeast Asia.

In 2020, Ant was awarded a digital banking licence by the Monetary Authority of Singapore along with three other applicants.

None of the digital banks has started operations yet.

The news comes as Ant faces heightened scrutiny from Chinese authorities, who had blocked its $37bn IPO and ordered it to restructure the financial holding company.