SINGAPORE - The V3 Group led by Osim founder Ron Sim has appointed former Cabinet minister George Yeo as senior adviser.
The firm, which deals in lifestyle products, also has arms focusing on fintech and investments.
It is part of the Beyond consortium that is aiming for one of the two digital full bank licences to be awarded here.
Mr Yeo is an independent board director of Hong Kong-listed AIA and Nasdaq-listed e-commerce platform Pinduoduo, the second-largest online marketplace in China by number of users and number of orders, said V3 in a statement on Sunday (Aug 23).
It noted that the Covid-19 pandemic has accelerated the digitalisation of the value chain from warehousing to payments, especially in Asia, where V3 Brands such as Osim, TWG Tea and GNC are already rapidly integrating with e-commerce infrastructure.
Limited interactions amid social distancing and fears of infection from paper money have in turn led to less use of physical cash around the world.
These factors have created an increased urgency in markets exploring and adopting central bank-issued digital currencies, said V3.
"With his insights on China, Asean and Asia, global e-commerce trends and digitally driven trade connectivity, Mr Yeo is well-placed to advise V3 on harnessing these critical growth catalysts to create more sustainable value for stakeholders," it said.
Mr Yeo said in the statement that Mr Sim is an old friend, adding: "I am honoured to journey with V3 as it builds scalable brands and enterprises across Asia."