Sun. Mar 29th, 2020

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Gaming firm Razer joins Singapore digital bank race

1 min read

SINGAPORE (Reuters) – Gaming firm Razer Inc said on Thursday it is leading a consortium of companies that has applied for a online bank license in Singapore, joining the race to shake up the city state’s financial sector.

Razer’s fintech business will have a 60% stake in the consortium that includes insurance firm FWD and Sheng Siong Holdings, a private vehicle of the Lim brothers behind a Singaporean supermarket chain.

Razer Fintech said its bid to set up a retail bank will leverage “on the strength of Razer as a lifestyle brand synonymous with the youth and millennials, Razer’s global presence and the innovative digital payments platform Razer Fintech has built.”

Others in the consortium include venture firm Insignia Ventures Partners, mobile internet company LinkSure Global and vehicle marketplace Carro.

Earlier this week, Singapore Telecommunications Ltd said it was teaming up with Southeast Asian ride-hailing firm Grab to bid for the license.

(Reporting by Aradhana Aravindan in Singapore; Editing by Shailesh Kuber)