Razer Fintech-led consortium bids for digital full bank licence

It will take up a 60% majority stake in the proposed Razer Youth Bank.

A consortium led by Razer Fintech, the financial technology arm of Razer, has submitted its application for a digital full bank licence in Singapore, according to a press release.

The consortium has identified “the underserved youth and millennials” segment as the target for its bid. Razer Fintech plans to build Razer Youth Bank, geared as the world’s first global youth bank.

Razer Fintech will take up a 60% majority stake of the proposed digital bank. The remaining 40% will be held by equity partners that include Sheng Siong Holdings; insurance business FWD; internet company LinkSureGlobal; Singapore technology venture fund Insignia Venture Partners; and Carro, Southeast Asia’s wholesale marketplace for vehicles.

Razer Fintech has also partnered with other platforms to create services and products for its proposed digital bank. Among these is an airline partner yet to be disclosed, co-working company JustCo, digital wealth management solutions provider Quantifeed, educational financial content platform Real Vision, fintech specialist Saxo Markets, digital security solutions provider V-Key, and travel company SkyScanner.

Razer Fintech has also teamed up with cash management firm soCash, payments firm Visa, and lending platform Turnkey Lender.