More join race for digital bank licences here

Gaming company Razer, via a consortium that includes Sheng Siong Holdings, is applying for a digital full bank licence.
Gaming company Razer, via a consortium that includes Sheng Siong Holdings, is applying for a digital full bank licence.PHOTO: BUSINESS TIMES

More companies have joined the race to become one of Singapore's first digital banks.

Gaming company Razer, via a consortium that includes Sheng Siong Holdings, is applying for a digital full bank licence. It joins tech giant Grab and telco Singtel, which said on Monday that they are submitting a joint bid for a digital full bank licence.

Crowd-investing site Funding Societies and Ant Financial, the fintech affiliate of Alibaba that operates Alipay, said separately yesterday that they have applied for wholesale bank licences. The Monetary Authority of Singapore had said it will issue up to five licences for both digital full and wholesale banks to players which may not be established in banking.

SEE TOP OF THE NEWS: Ant Financial, Razer join race for digital bank licences

A version of this article appeared in the print edition of The Straits Times on January 03, 2020, with the headline 'More join race for digital bank licences here'. Print Edition | Subscribe