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SINGAPORE – Gaming company Razer has submitted an application to secure a digital full bank licence, the news coming just days after telco Singtel and technology company Grab announced that they had applied for a licence together.
Razer said in a statement on Thursday (Jan 2) that its fintech arm will build Razer Youth Bank if it receives approval from the Monetary Authority of Singapore (MAS).
The application was submitted before Dec 31 last year, the last day for firms to apply for a digital full bank licence.
The MAS had said in June last year that it will issue up to five new digital bank licences for both full and wholesale banks to players who may not have an established record in banking.
Wholesale banks serve primarily companies, including small and medium-sized enterprises.
Razer’s endeavour into the banking sector is via a consortium comprising Sheng Siong Holdings, technology company LinkSure Global, automotive marketplace Carro, insurance services firm FWD and Insignia Ventures Partners.
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