Company Briefs: Razer Fintech; DBS

Razer Fintech

Razer Fintech, the financial technology arm of gaming hardware manufacturer Razer, has appointed Professor Lim Siong Guan as an advisory board member.

Prof Lim was previously group president of GIC from 2007 to 2016, and subsequently adviser to GIC's group executive committee until March this year.

Established in April last year, Razer Fintech is an offline-to-online digital payment network in South-east Asia.

Prof Lim's appointment comes as the company embarks on its next phase of growth to expand the fintech business regionally and globally, said Razer co-founder and chief executive Tan Min-Liang.

Prof Lim is with the Lee Kuan Yew School of Public Policy, and is a senior fellow at the Civil Service College. He also chairs the board of directors of Swiss Re Asia.

He has served as a board member of the Monetary Authority of Singapore, and as chairman of the Economic Development Board from 2006 to 2009.

He was the first principal private secretary to the late founding Prime Minister Lee Kuan Yew, and had a distinguished public service career spanning 37 years.


DBS

DBS Bank yesterday launched its first multi-tier financing facility on a logistics blockchain platform to help small and medium-sized enterprises (SMEs) in China get faster access to trade financing.

With this technology, trade financing can be provided in 24 hours, compared with weeks and months using the traditional paper-based approach, said DBS.

The blockchain platform named Rong-E Lian was developed in partnership with an undisclosed Chinese logistics player believed to be SF Group, according to industry sources. It offers multi-tier financing solutions - or financing beyond the anchor company's direct suppliers - to more than 1,000 suppliers in the company's supply chain ecosystem. This includes SMEs that may have limited access to trade financing due to their lack of scale or credit history.

DBS is able to verify the credentials of a supplier within seconds, by leveraging the bank's application programming interface to integrate its digital on boarding service, which requires facial biometric authentication, into the blockchain platform.

Once verified, the bank is then able to offer digital trade financing services to upstream suppliers, often SMEs, in the ecosystem within 24 hours.

A version of this article appeared in the print edition of The Straits Times on September 12, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe