Singapore-based digital payment startup Razer Fintech (Razer) announces that it has submitted its application for the Digital Full Bank License, to be issued by the Monetary Authority of Singapore (MAS). For the bid, Razer Fintech will lead a consortium that will launch a digital bank focussing on the underserved youth and millennials segment.

Razer Fintech said it plans to extend its current fintech offerings to digital banking services by building what it claimed to be the world’s first global youth bank, Razer Youth Bank, to be headquartered in Singapore. Razer believes to have an edge with it being synonymous with a lifestyle brand for the youth and millennials.

The digital bank will be led by Razer Fintech who will take up a 60 per cent majority stake, joined by a consortium of strategic partners who will take up the remaining equity interest in Razer Youth Bank:

  • Sheng Siong Holdings, the private vehicle of the Lim brothers, Singaporean entrepreneurs behind one of the largest supermarket chains in Singapore
  • FWD, the insurance business of the investment group, Pacific Century Group
  • LinkSure Global, a privately owned internet companies in Asia that operates WiFi Master Key, with approximately 800 million monthly active users globally and affiliated with ShengPay, a third-party payment company in China
  • Insignia Ventures Partners, an early stage Singaporean technology venture fund focussing on Southeast Asia; and
  • Carro, Southeast Asia’s wholesale marketplace for vehicles that has operations across Indonesia, Thailand, Malaysia, and Singapore.

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The value propositions that Razer Youth Bank aims to deliver are as follows:

  • The ability to leverage on Razer’s brand with the global youth and millennial population as audiences to drive adoption
  • The understanding of the lifestyle needs of the youths and millennials and the ability to customize relevant products and services
  • The technology and fintech expertise with data-driven technology stack to deliver user experiences
  • The ecosystem that allows it to collaborate with industry leaders and lifestyle partners to create and deliver bespoke banking solutions to a large underserved demographics; and
  • The contribution to Singapore’s continued growth as a global financial centre while embarking on global ambitions.

To do so, Razer has also gathered service providers, product, and technology platform partners to create services and products to Razer Youth Bank such as confidential airline partner, co-working communities JustCo, digital wealth management solutions provider Quantifeed, educational financial content platform Real Vision, multi-asset trading fintech and investment platform Saxo Markets, global travel company SkyScanner, cash management network SoCash, digital lending solutions Turnkey Lender, software-based digital security solution V-Key, and Visa.

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Lee Li Meng, Chief Strategy Officer of Razer Inc. and CEO of Razer Fintech, said: “We hope to be able to contribute to the growth of Singapore as a global financial centre to deliver a new-age and clearly differentiated digital banking proposition for Singaporeans and youth and millennials globally.”

New management appointment

In addition to the announcement on digital banking consortium, Razer also announced the appointment of Edwin Chan as Chief Investment Officer.

His deputy will succeed him in the role of CFO while Tan Chong Neng, who was Senior Vice President, Corporate Controller, appointed CFO.

“These two appointments strengthen our leadership team and leave us well-positioned to continue on our long-term growth trajectory while delivering on our profitability goals,” said Min-Liang Tan, Co-Founder and CEO of Razer.

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As Chief Investment Officer, Chan’s new focus will be managing the company’s investment portfolios. This will involve developing both short-term and long-term investment strategies for the company including corporate finance and treasury investments, venture capital investments, and M&A.

As for Tan, who joined the company in 2017, he will bring his over 20 years of experience with stints in Tri-Star Group and Stanley Security Solutions into his new role as CFO.

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Image Credit: Razer

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