The fintech arm of local gaming hardware maker Razer is leading a consortium to apply for a digital bank license in Singapore.
In a press statement, Razer Fintech said it has submitted its application for the Digital Full Bank License to be issued by the Monetary Authority of Singapore (MAS). The company will focus on serving the needs of underserved youth and millennials segment for the bid.
Should the application be successful, Razer Fintech intends to extend its current fintech offerings to digital banking services by building the world’s first global youth bank, Razer Youth Bank, to be headquartered in Singapore.
Led by Razer Fintech – who will take up a 60 per cent majority stake – a consortium of strategic partners will take up the remaining equity interest in Razer Youth Bank. They include Sheng Siong Holdings, FWD, LinkSure Global, Insignia Ventures Partners and
Carro.
As part of its offerings, Razer Youth Bank will also serve the needs of budding entrepreneurs and SMEs that have challenges in gaining access to capital to fund growth and digital transformation strategies.
“Addressing the unmet financial needs of the large, yet underserved, segment of the population through an innovative digital-first banking platform is a natural extension of our payments business,” said Lee Li Meng, Chief Strategy Officer of Razer and CEO of Razer Fintech.
“As a truly Singapore homegrown and global tech unicorn, we hope to be able to contribute to the growth of Singapore as a global financial centre to deliver a new-age and clearly differentiated digital banking proposition for Singaporeans and youth and millennials globally.”