Company Razer plans to open its digital bank for youth. The relevant documents were submitted to the Singapore authorities. The new direction will be based on the capabilities of the Razer division launched in 2018 under the name Fintechthat already supports services Razer merchant services and Razer pay.
Currently, the Monetary Authority of Singapore has about five free licenses for digital banking, one of which the company has set its sights on. Razer partners are Sheng siong holdings, Fwd, LinkSure Global, Insignia venture partners and Carro.
In case of success Razer Fintech will receive 60% of the shares of the new bank Razer youth bankwhose target audience will be the millennials. The company wants to support underprivileged youth, as well as finance the activities of entrepreneurs and start-ups focused on small businesses.
A decision on the applications will be made in mid-2020.
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