The Monetary Authority of Singapore announced last week the 4 entities who were awarded digital banking license.
Digital banking hopeful Razer Fintech was not among the list. Responding to the announcement from MAS, Razer Fintech CEO, Lee Li Meng said while they were hoping to start their journey in Singapore, their strategy of extending Razer Fintech business into digital banking remains unchanged.
He added that they intend to roll out their “Razer Youth Bank” where they have a brand presence and strong user base, he cited as an example Malaysia and Philippines as an example where the regulators are in different stages of introducing a digital banking framework.
Malaysia announced the first draft of the framework in December 2019 while the Philippines approved its digital banking framework in November 2020. Razer Fintech has a presence in both the Malaysian and Philippines market.
Razer Fintech said in a statement that they were engaging other jurisdictions in parallel while awaiting the results from the Monetary Authority of Singapore. The company maintains that it is well-positioned to take up the challenge of addressing the unmet financial needs of the youths and millennials.
