Grab, Singtel, Razer and others join race for Singapore digital bank licence

guest · Jan 2, 2020

Razer wants to be the go-to bank for Singapore's millennials
Gaming gadget maker eventually looks to sell insurance and other financial products to young users globally
January 2, 2020
https://www.abacusnews.com/tech/razer-wants-be-go-bank-singapores-millennials/article/3044312

Gaming company Razer Inc. has teamed up with homegrown Singaporean entrepreneurs and Asian billionaires to apply for a full digital banking license, joining the race to create virtual lenders in the city state.

“Upon obtaining the license, we believe Razer would leverage on its 70 million registered user base across its software offerings to cross-sell more financial products,” Jefferies analysts led by Ken Chong wrote Thursday.
Instead of fighting local banks, Razer Fintech plans to target the youth and millennial segment in Singapore. Eventually, it aims to roll out globally as Razer Youth Bank, which the company said would be the first bank of its kind.

The new bank would target those between 12 and 35 years of age, he said, noting many young people grow up with little knowledge of finance.
Click to expand...

Razer Co-Founder and CEO Min-Liang Tan has been trying to build an ecosystem of software and services for gamers to reduce Razer’s reliance on hardware peripherals such as gaming mice and keyboards. It got into the digital wallet business by acquiring e-payments platform MOL Global.

“We’ve thought about this long and hard,” Lee said. “We believe that we can do something revolutionary here in Singapore.”
Click to expand...

guest · Jan 5, 2020

Grab, Singtel partner up in bid for Singapore digital bank licence
...they will look to target "digital-first" consumers and small and midsize businesses
December 30, 2019
https://www.zdnet.com/article/grab-singtel-partner-up-in-bid-for-singapore-digital-bank-licence/

Grab and Singtel have teamed up in a bid to snag one of a handful of digital bank licences to be issued in Singapore, where the ride-sharing operator and telco will be looking to target "digital-first" consumers and small and midsize businesses (SMBs). The two partners plan to form a joint entity, with Grab owning a 60% stake.
This new "consortium" would offer products and services to address the "unmet and underserved" needs of consumers and enterprises in the city-state, said Grab and Singtel in a joint statement Monday.

Singapore in June unveiled plans to issue up to five digital bank licenses as part of efforts to add market diversity and boost the local banking system.
Touting their fintech expertise and digital capabilities, they said the joint entity was "primed" to create a digital-first banking model that affordable and accessible.

"The digital bank will aim to cater to the needs of digital-first consumers, who have come to expect greater convenience and personalisation, and SMBs that cite lack of access to credit as a key pain-point," they said.
Click to expand...

Singtel: Grab and Singtel partner for Singapore digital banking licence

guest · Jan 5, 2020

Two More Groups Submit Singapore Digital Banking License Bids
Groups joins Grab, Singtel, Razer in race for virtual permits
January 5, 2020
https://www.bloomberg.com/news/arti...submit-singapore-digital-banking-license-bids

Two more consortiums said they submitted bids for digital banking licenses in Singapore as companies, ranging from a massage chair maker to a property giant and Chinese fintech firms, joined forces to go for the sought-after permits.

Beyond Consortium, led by one of Asia’s largest massage chair makers, V3 Group Ltd. and stored-value card company EZ-Link Pte, submitted a bid to the Monetary Authority of Singapore for a digital full bank license, according to a statement Sunday.
Click to expand...

Singapore-listed fintech firm iFast Corp. said on Friday that a bid was submitted at the end of December together with a consortium of Chinese partners.
The group intends to promote connectivity and support local small and medium-sized enterprises in extending their footprint in Asia, according to the statement.
Click to expand...

Bloomberg: iFast, Chinese Partners Submit Singapore Digital License Bid

Log in or Sign up

Grab, Singtel, Razer and others join race for Singapore digital bank licence

guest Guest

guest Guest

guest Guest

Log in or Sign up

Grab, Singtel, Razer and others join race for Singapore digital bank licence

guest Guest

guest Guest

guest Guest

Useful Searches