After expressing their interest last year, Razer has officially applied for a Digital Full Bank Licence in Singapore.
In a press release yesterday (2nd January), Razer Fintech — the fintech arm of the gaming peripheral company — said that if successful, they would leverage on their lifestyle branding and global presence to build the “world’s first global youth bank”, aptly named Razer Youth Bank.
“Razer Fintech believes that its application achieves the objectives laid out by the Monetary Authority Singapore (MAS) in the released framework through a differentiated strategy and value proposition, targeting the needs of the under-served youth and millennials segments of Singapore through innovative use of technology,” the company said.
They won’t be doing it alone, though. Razer will take up a 60 percent majority stake, while the remaining 40 percent will be split among supermarket chain Sheng Shiong, insurance company FWD, online car marketplace Carro, Mobile Internet Firm LinkSure Global and venture capital firm InsigniaVenture Partners.
On top of that, Razer has also partnered up with several other companies to provide “bespoke” services and products for youth, including co-working space operator JustCo, travel booking platform SkyScanner, Visa and an unnamed airline.
Last June, MAS announced that it will issue five new digital bank licences to liberalise the local banking industry. Razer is the second firm to apply for a Digital Full Bank Licence, with Grab and Singtel announcing their joint application three days ago.
Standard Chartered Bank, NTUC Enterprise and the V3 Group have also expressed interest in applying for the licence, and results will be announced in mid 2020.
Header Image Credit: Vulcan Post