Spice Global, the Singapore-headquartered conglomerate, has announced plans to enter the banking business.

The $2 billion firm is applying for a banking license with the Reserve Bank of India to offer full-fledged banking services to clients in the country. Spice Global is known for the m-banking and digital banking applications and services it provides to nationalised and private banks and institutions through its group divisions. 

The company has already been offering financial services through Wall Street Finance Limited, which has around 6,000 sub agents across India, including Vijaya Bank, ICICI Bank and Kotak Mahindra Bank. As a group, it serves over 25 million customers worldwide across various industries.

"The decision to enter the banking sectors is a natural progression and is in tune with our philosophy of smart investing," said Dr BK Modi, chairman.

Spice Global's listed entities are S Mobility and Wall Street Finance in India and Si2i Mobility in Singapore.