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Razer to push Youth Bank, undeterred by failure of Singapore bid

Razer Fintech to focus on underserved youth and millennials segment and to build the world’s first global youth bank headquartered out of Singapore. (PHOTO: Razer Fintech)
Razer Fintech to focus on underserved youth and millennials segment and to build the world’s first global youth bank headquartered out of Singapore. (PHOTO: Razer Fintech)

By Yoolim Lee

(Bloomberg) -- Gaming company Razer Inc. will stick with a strategy of expanding into digital-banking services, undeterred by its failure to win a license in Singapore following a closely-watched contest.

Razer will push on with a plan to roll out Razer Youth Bank, targeting millennials in countries such as Malaysia and the Philippines, Razer Fintech Chief Executive Officer Lee Li Meng said in a statement. Other markets may include Europe, the Mideast or Latin America, where regulators are supportive, he said.

His comments come after Singapore on Friday awarded two digital full-bank licenses. A Grab Holdings Inc.-Singapore Telecommunications Ltd. venture and gaming-to-online shopping giant Sea Ltd. were each awarded a license to provide retail banking, beating a Razer-led group and other applicants.

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Razer is based in Singapore and San Francisco, with shares listed in Hong Kong.

The Monetary Authority of Singapore also awarded two digital wholesale-bank licenses to Jack Ma’s Ant Group Co. and a group that includes Greenland Financial Holdings and Linklogis Hong Kong. The category allows virtual lenders to target small and medium-sized businesses and other non-core segments.

© 2020 Bloomberg L.P.