Razer to push youth bank, undeterred by failure of Singapore bid

[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