Third applicant for digital full bank licence

Prototypes of credit cards for retail and SME banking, as envisioned by the Beyond consortium, as part of its application for the digital full bank licence.
Prototypes of credit cards for retail and SME banking, as envisioned by the Beyond consortium, as part of its application for the digital full bank licence.PHOTO: BEYOND CONSORTIUM

A consortium led by V3 Group - which owns Osim and TWG Tea - and card and payments firm EZ-Link is seeking a digital full bank licence, making it the third applicant to announce it has submitted a bid.

The Beyond consortium also comprises private property developer Far East Organization, the Singapore Business Federation, insurer Mitsui Sumitomo Insurance and Temasek subsidiary Heliconia.

Announcing its bid yesterday, the group said it wants to focus on the needs of small and medium-sized enterprises, which employ some 70 per cent of the workforce, as well as the workers and their families.

At least two other consortiums have put in bids for a digital full bank licence: one led by Singtel and Grab, and another by Razer.

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A version of this article appeared in the print edition of The Straits Times on January 06, 2020, with the headline 'Third applicant for digital full bank licence'. Print Edition | Subscribe