Publish Date : 10-Jan-2020
Razer Fintech has submitted its application for the Digital Full Bank License to be issued by the Monetary Authority of Singapore (MAS). Razer Fintech will be focusing on the underserved youth and millennials segment for the bid. Should Razer Fintech and its consortium be awarded the license by the MAS, Razer Fintech is planning to extend its current fintech offerings to digital banking services by building the worlds first global youth bank, Razer Youth Bank, to be headquartered in Singapore, leveraging on the strength of Razer as a lifestyle brand synonymous with the youth and millennials, Razers global presence and the innovative digital payments platform Razer Fintech has built.
Razer Fintech believes that its application achieves the objectives as laid out by MAS in the released framework through a differentiated strategy and value proposition, targeting the needs of the underserved youth and millennials segment of Singapore through innovative use of technology.
Razer Youth Bank aims to deliver a highly differentiated value proposition as follows: Global Youth Brand: Leveraging on Razers strong brand authenticity with the global youth and millennial population to drive adoption Deep Understanding of the Youth: Deep understanding of the lifestyle needs of the youths and millennials and be able to customize relevant products and services Extensive Technology and Fintech Expertise: Tapping on Razer Fintechs innovative and deep fintech expertise and data-driven technology stack to deliver exceptional user experiences; Ecosystem Approach: Collaborating with best-in-class industry leaders and lifestyle partners to create and deliver highly innovative and bespoke banking solutions to a large underserved demographic; and For Singaporeans by Singaporeans: Contributing to Singapores continued growth as a global financial center while embarking on global ambitions, headquartered out of Singapore. Led by Razer Fintech who will take up a 60% majority stake, the company has assembled a consortium of strategic partners who will take up the remaining equity interest in Razer Youth Bank.
Such strategic equity partners include: Sheng Siong Holdings Private vehicle of the Lim brothers, self-made Singaporean entrepreneurs behind one of the largest supermarket chains in Singapore FWD Insurance business of investment group, Pacific Century Group; LinkSure Global One of the largest privately-owned Internet companies in Asia that operates WiFi Master Key, with approximately 800 million monthly active users globally and affiliated with ShengPay, a leading third-party payment company in China which processed over RMB 370 billion in total transaction volume in 2018; Insignia Ventures Partners An early stage Singaporean technology venture fund focusing on Southeast Asia; and Carro Headquartered out of Singapore, Southeast Asias leading wholesale marketplace for vehicles that transact over US$500 million of vehicles annually across Indonesia, Thailand, Malaysia and Singapore.
Razer Youth Bank will redefine banking for the youth by integrating lifestyle experiences to its digital banking platform. As such, in addition to the strategic equity consortium partners, Razer Fintech has also gathered some the of worlds best-in-class service providers, product and technology platform partners to create services and products to Razer Youth Bank, including:
Confidential Airline Partner Airline
JustCo One of Asia Pacifics largest co-working communities that comprises multi-national companies, SMEs and startups
Quantifeed Asias leading digital wealth management solutions provider
Real Vision Educational financial content platform
Saxo Markets Fintech Specialist with multi-asset trading and investment platforms
SkyScanner Global travel company
SoCash Cash management network
Turnkey Lender Award-winning digital lending solution
V-Key Software-based digital security solution
Visa Global payments technology company
This is also in line with Razer Youth Banks focus on creating an open banking platform for multiple partners to access the underserved youth and millennial segment. Razer Fintech welcomes third parties who are keen on participating in the Razer Youth Bank to reach out to Karen Puah, Head of Marketing & Partnership, Razer Fintech at karen.puah@razer.com.
Razer Youth Bank plans to create the financial well-being companion for the youth that empowers financial literacy, provides fair and transparent product offerings, creates a hyper-personalised banking experience that is fun and engaging and embraces the digital economy in transition to a cashless society. As part of its offerings, Razer Youth Bank intends to also serve the needs of budding entrepreneurs and small and micro enterprises which have had challenges to gain access to capital to fund growth and digital transformation strategies through innovative structures and credit scoring methodologies.
Addressing the unmet financial needs of the large, yet underserved, segment of the population through an innovative digital-first banking platform is a natural extension of our payments business. In preparation for this, we have, over the past year, already set in motion our plans with the appointment of esteemed board of advisors, partnerships with global financial services companies such as Visa and assembling a strong bench of best-in-class strategic and ecosystem partners for the digital bank license application. says Lee Li Meng, Chief Strategy Officer of Razer Inc. and CEO of Razer Fintech. As a truly Singapore homegrown and global tech unicorn, 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.
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