Gaming company Razer partnered with five Asian companies to apply for a full digital banking licence in Singapore.
Razer’s fintech unit will hold a 60 per cent stake in a consortium with five partners: insurance company FWD Group, Sheng Siong, LinkSure Global, Insignia Ventures Partners and Carro, an online automobile marketplace.
In a statement, Razer said it plans to extend its fintech offering to digital banking services by building the world’s first global youth bank, Razer Youth Bank, to be headquartered in Singapore.
The move comes days after taxi-booking platform Grab and Singtel, the largest mobile operator in the city state, submitted a joint application for a digital banking licence.
The Monetary Authority of Singapore plans to issue two full digital banking licences and three wholesale ones by mid-2020.
In August the central bank opened applications for digital banking licences to companies outside of the financial services sector.
Full digital banks will be permitted to provide a wide range of financial services to retail and non-retail customers whereas wholesale providers will focus on the SME and other non-retail segments.Subscribe to our daily newsletter Back