Razer eyes digital-bank licence in Singapore

RAZER said it is considering applying for a digital-bank licence in Singapore, after the Monetary Authority of Singapore (MAS) on Friday night announced its intention to issue up to five new licences with applications starting from August.

In a press statement issued not long after the MAS announcement, Razer chief strategy officer Lee Limeng said the company has been growing its fintech business rapidly in South-east Asia. It now processes "billions of dollars" in digital payments and its Razer Pay e-wallet is "one of the largest in Malaysia, with the Singapore app coming soon", he said.

Razer has also bagged a partnership with Visa to introduce a prepaid Visa solution through the Razer Pay app, which will allow unbanked populations in the region to access Visa's 54 million merchant locations worldwide.

Mr Lee said: "Our Singapore headquarters has the largest headcount of our 18 global offices. We will definitely consider applying for the digital bank licence and are keen to help spur innovation in Singapore's financial sector."

MAS said the digital-bank licences will comprise up to two digital full-bank licences, and up to three digital wholesale bank licences. They must all meet the same capital requirements as local banks.