Games tech company Razer has applied for a digital bank license in Singapore.
As announced on January 2nd, the company's Fintech division will have a 60 per cent stake in the new organisation - Razer Youth Bank - should its bid be accepted.
Currently, five digital bank permits are being offered by The Monetary Authority of Singapore. It aims to bring non-banking companies into its financial fold.
Razer will head a consortium of companies that include Carro, Sheng Siong Holdings, FWD, Insignia Venture Partners and LinkSure Global.
Having an edge
To give it an edge, the firm is "leveraging on the strength of the Company as a lifestyle brand synonymous with the youth and millennials, the Company’s global presence and the innovative digital payments platform it has built," according to its announcement.
"Razer Fintech is planning to extend its Fintech offering to digital banking services by building the world’s first Global Youth Bank, Razer Youth Bank, to be headquartered in Singapore."
Besides its consortium of companies, Razer has brought in service providers and product and technology platform partners to bring their services to the new bank. These firms include Justco, Real Vision, Visa and SkyScanner.
The outcome of the bid is expected to be revealed in mid-2020. If successful, the new Razer Youth Bank will be headquartered in Singapore.
Razer partnered with Chinese goliath Tencent in August 2019 to help create a set of standards for cloud gaming. The deal saw Razer agreeing to help grow Tencent Cloud overseas.