Razer Fintech, unit of HK-listed Razer, fails to win digital bank license in Singapore

Finance | 4 Dec 2020 9:08 pm

Razer Fintech, one of the contenders for a Singapore digital banking license, said its strategy of entering the digital banking business "remains unchanged,'' after four licenses were issued by the Monetary Authority of Singapore on Friday. 

Razer Fintech was not among the four awarded licenses.

Razer Fintech is the financial technology arm of gaming hardware firm Razer, (1337) which is listed in Hong Kong.

It had formed a consortium, which includes companies such as Sheng Siong Holdings, insurer FWD and vehicle marketplace Carro, to apply for a digital full bank license, Channel News Asia reports.

"While we were hopeful to be able to start our journey here in Singapore, our strategy of extending the Razer Fintech business into digital banking remains unchanged," said its chief executive Lee Li Meng, who added that the fintech arm was already "engaging other jurisdictions in parallel" as it awaited the results of the licence in Singapore.

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