Razer to push youth bank, undeterred by failure of Singapore bid
Add BT as a preferred source[SINGAPORE] Gaming company Razer will stick with a strategy of expanding into digital-banking services, undeterred by its failure to win a licence in Singapore following a closely-watched contest.
Razer will push on with a plan to roll out Razer Youth Bank, targeting millennials in countries such as Malaysia and the Philippines, Razer Fintech chief executive officer Lee Li Meng said in a statement. Other markets may include Europe, the Mideast or Latin America, where regulators are supportive, he said.
His comments come after Singapore on Friday awarded two digital full-bank licences. A Grab Holdings-Singapore Telecommunications venture and gaming-to-online shopping giant Sea Ltd were each awarded a licence to provide retail banking, beating a Razer-led group and other applicants.
Razer is based in Singapore and San Francisco, with shares listed in Hong Kong.
The Monetary Authority of Singapore also awarded two digital wholesale-bank licences to Jack Ma's Ant Group and a group that includes Greenland Financial Holdings and Linklogis Hong Kong. The category allows virtual lenders to target small and medium-sized businesses and other non-core segments.
BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Is it time to scrap COE categories for cars?
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?
