Razer Fintech and a consortium of partners have applied for a Digital Full Bank License with the Monetary Authority of Singapore (MAS), as it looks to support undeserved youths and millennials.
If the group achieves its license, Razer Fintech will expand its current FinTech offerings to digital banking services. The Razer Youth Bank will be headquartered in Singapore and aims to expand upon the digital payment services it currently offers.
The platform aims to distinguish itself from competition by focusing on the global youth and millennial population, building custom products and services for their needs, collaborating with industry players to build bespoke banking solutions and capitalize on Singapore’s financial centre.
Razer Fintech will hold a 60% stake in the digital bank, with the remaining equity being distributed among its consortium of strategic partners. These include supermarket chain Sheng Siong Holdings, insurance firm FWD, privately-owned internet company LinkSure Global, venture capital firm Insignia Ventures Partners and vehicle marketplace Carro.
One of the unique aspects of Razer Fintech is its aim of supplying services and products with its partners for its customers.
Companies to offer services through the bank include co-working community JustCo, digital wealth management solution provider Quantifeed, educational financial content platform Real Vision, multi-asset trading and investment platform Saxo Markets, travel company SkyScanner, cash management network SoCash, digital lending service Turnkey Lender, digital security business V-Key and global payments company Visa.
The company is hoping to establish an open banking platform to help multiple partners reach the youth and millennial market.
Its aim is to create a financial wellbeing platform which helps boost financial literacy, creates hyper-personalized banking experiences, offers fair and transparent product offerings and supports the transition to a cashless society.
The bank is also looking to serve the needs of entrepreneurs and small and micro businesses which struggle to find loans from traditional providers.
Approval for the banking license is expected to be issued in mid-2020.
Razer chief strategy officer and CEO of Razer Fintech Lee Li Meng said, “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.
“In preparation for this, we have, over the past year, already set in motion our plans with the appointment of esteemed board of advisors, partnerships with global financial services companies such as Visa and assembling a strong bench of best-in-class strategic and ecosystem partners for the digital bank license application.
“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.”
Razer builds a range of gaming hardware and software including headphones, laptops, keyboards, computers and more.
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