Razer hopes to obtain digital bank license in Singapore

Razer hopes to obtain digital bank license in Singapore

Games tech company Razer has applied for a digital bank license in Singapore.

As announced on January 2nd, the company's Fintech division will have a 60 per cent stake in the new organisation - Razer Youth Bank - should its bid be accepted.

Currently, five digital bank permits are being offered by The Monetary Authority of Singapore. It aims to bring non-banking companies into its financial fold.

Razer will head a consortium of companies that include Carro, Sheng Siong Holdings, FWD, Insignia Venture Partners and LinkSure Global.

To give it an edge, the firm is said to be: "Leveraging on the strength of the Company as a lifestyle brand synonymous with the youth and millennials, the Company’s global presence and the innovative digital payments platform it has built.

"Razer Fintech is planning to extend its Fintech offering to digital banking services by building the world’s first Global Youth Bank, Razer Youth Bank, to be headquartered in Singapore."

Besides its consortium of companies, Razer has brought in service providers and product and technology platform partners to bring their services to the new bank. These firms include Justco, Real Vision, Visa and SkyScanner.

The outcome of the bid is expected to be revealed in mid-2020. If successful, the new Razer Youth Bank will be headquartered in Singapore.

Staff Writer

Kayleigh is the Staff Writer for Besides PGbiz and PCGI she has written as a list writer for Game Rant, rambling about any and all things games related. You can also find her on Twitter talking utter nonsense.