Instead of fighting local banks, Razer Fintech plans to target the youth and millennial segment in Singapore. Eventually, it aims to roll out globally as Razer Youth Bank, which the company said would be the first bank of its kind. — Razer
Gaming company Razer Inc has teamed up with homegrown Singaporean entrepreneurs and Asian billionaires to apply for a full digital banking license, joining the race to create virtual lenders in the city state.
Razer’s shares leapt as much as 12.6% Thursday, their biggest intraday gain since April. Its consortium is the second group to announce it’s submitted an application for the digital full banking license after Grab Holdings Inc and Singapore Telecommunications Ltd unveiled a joint bid on Dec 30. The Monetary Authority of Singapore is set to announce the winners of five digital banking licenses in mid-2020.
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