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Razer Fintech applies for Singapore digital banking license

Tech In Asia

Razer Fintech, the fintech arm of gaming and lifestyle company Razer, announced it has submitted an application for a digital full bank license in Singapore, focusing its bid on the underserved youth and millennials segment.

If the company successfully obtains a license from the Monetary Authority of Singapore, it will extend its current fintech offerings to digital banking services by building Razer Youth Bank, the world’s first “global youth bank” in the city-state, the company said in a statement.

Razer aims to create a financial well-being companion for the youth that provides fair and transparent product offerings and personalized banking experiences. In addition, the bank also plans to give budding entrepreneurs and small and micro enterprises access capital to grow their businesses.

To establish the bank, Razer has formed a consortium of strategic partners which includes Sheng Siong, insurance firm FWD, LinkSure Global, Singapore-based VC firm Insignia Ventures Partners, and wholesale car marketplace Carro. Razer Fintech will be taking up a 60% majority stake in the bank, while its partners will take the remaining equity interest.