Massage chair maker V3 in talks with Temasek unit for digital bank license bid

V3 recently created a fintech unit and hired a former CEO of a Temasek unit as adviser.

Bloomberg reports that Ron Sim, founder of massage chair maker V3 Group is in talks with Temasek’s Heliconia Capital Management and other firms to bid for one of Singapore’s new retail digital banking licenses, according to people familiar with the matter.

The planned consortium may comprise of stored-value card company EZ-Link and property giant Far East Organization, according to sources who asked not to be identified.

A representative for V3 did not comment on specific plans regarding the purported consortium, whilst Heliconia, EZ-Link, and Far East Organization declined to comment.

V3, which owns massage-chair maker OSIM and tea brand TWG, recently created a financial technology (fintech) unit and recently hired Gan Chee Yen, formerly the CEO of Temasek-unit Fullerton Financial Holdings, as a senior adviser.

Singapore has announced plans to award as many as five digital banking licenses to non-bank firms. Thresholds are higher for the two retail licenses offered-- they require $1.5b (US$1.1b) in paid-up capital as well as local control.

Here’s more from Bloomberg.