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Gaming Industry Representative Razer Applies To License From Singapore Digital Bank

Summary

Razer CEO: Our Partnership With Tencent Will Take Cloud Gaming to Next Level Description video: Aug.22 — Min-Liang Tan, co-founder and chief executive officer at Razer, discusses first-half earnings, teaming up with Tencent in Cloud gaming, Fintech, applying for a […]

Razer CEO: Our Partnership With Tencent Will Take Cloud Gaming to Next Level

Description video:
Aug.22 — Min-Liang Tan, co-founder and chief executive officer at Razer, discusses first-half earnings, teaming up with Tencent in Cloud gaming, Fintech, applying for a digital banking license in Singapore and launching a toaster. He speaks exclusively on “Bloomberg Daybreak: Asia.”

Gaming Industry Representative Razer Applies To License From Singapore Digital Bank

Razer, which designs and manufactures PC gaming equipment, said Thursday that it has applied for a full digital banking license in Singapore..

Razer Fintech Forms Consortium «strategic partners», which includes local supermarket operator Sheng Siong Holdings, insurance business FWD, internet company LinkSure Global, early-stage venture capital firm Insignia Ventures Partners and Carro, regional wholesale vehicle marketplace.

Razer Fintech will have a 60% controlling interest in a business venture called Razer Youth Bank, which will be headquartered in Singapore. Strategic partners will own the remaining equity stake, the company said in a statement..

Digital Banking will focus on youth and millennials and will «integrate life experience» to your platform. Razer said it will engage other partners to achieve this goal, such as travel search engine and comparison website SkyScanner, and credit card provider Visa..

The bank will also target entrepreneurs and small and micro-businesses who are struggling to raise capital, the firm said. Razer Fintech operates the company’s mobile wallet known as Razer Pay.

Grab announced Monday that it is teaming up with Singtel (Singapore Telecommunications Ltd) to apply for a full digital banking license.

Up to five new digital banking licenses will be issued in Singapore, according to the country’s financial regulator. Among them, two full digital banking licenses will enable non-banking organizations such as Razer Youth Bank to accept deposits from retail customers..

Monetary Authority of Singapore Says Remaining Three Will Be Wholesale Banking Licenses For Companies Serving Small And Medium Businesses.

Razer is listed on the Hong Kong Exchange, the company’s shares rose 11.02% in morning trading.

Gaming Industry Representative Razer Applies To License From Singapore Digital Bank