Razer Fintech, the financial technology arm of Razer Inc, a lifestyle brand for gamers, announced that it has submitted its application for the Digital Full Bank License to be issued by the Monetary Authority of Singapore (“MAS”).
Should Razer Fintech and its consortium be awarded the license by MAS, Razer Fintech is planning to extend its current fintech offerings to digital banking services by building the world’s first global youth bank, Razer Youth Bank. To be headquartered in Singapore, this bank will leverage on the strength of Razer as a lifestyle brand synonymous with youth and millennials, Razer’s global presence and the digital payments platform Razer Fintech has built.
In a press release, Razer Fintech stated its aims to deliver a highly differentiated value proposition that is focused on the targeting the underserved youth and millennials segment together with extensive technology and fintech expertise, an ecosystem approach with best-in-class industry leaders and industry partners, and a commitment to Singapore’s continued growth as a global financial center while embarking on global ambitions.
The consortium comprises Razer Fintech, Sheng Siong Holdings, FWD, LinkSure Global, Insignia Ventures Partners and Carro, with Razer Fintech taking a 60% majority stake.
In their press release, Razer Fintech laid out their plans to create a financial companion for youth that empowers their financial literacy, provides fair and transparent product offerings, creates a hyper-personalized banking experience that is fun and engaging, and embraces the digital economy in transition to a cashless society.
It also intends to serve the needs of budding entrepreneurs and small and micro enterprises which have had challenges to gain access to capital to fund growth and digital transformation strategies through innovative structures and credit scoring methodologies.
Said Lee Li Meng, Chief Strategy Officer of Razer Inc. and CEO of Razer Fintech. “As a truly Singapore homegrown and global tech unicorn, we hope to be able to contribute to the growth of Singapore as a global financial center to deliver a new-age and clearly differentiated digital banking proposition for Singaporeans and youth and millennials globally.”
Razer Youth Bank is envisaged to be headquartered in Singapore with ambitions to build a global banking network regionally and globally progressively. According to the guidelines issued by MAS, the announcement of the award of the digital banking licenses is expected to be in mid-2020.