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

·1-min read
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.

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.