Gaming entity Razor Inc has applied for a complete digital banking license in Singapore in association with a few renowned firms. The company announced the update on January 2, 2020.
As per the company, it is heading a consortium of firms that have made an application for the license. The reports also revealed that while the firm’s financial technology division called Razer Fintech would own 60% stakes in the group, the remaining 40% would be held by the company’s five partners.
The group’s five partners are Insignia Ventures Partners, online car marketplace Carro, insurance entity FWD Group, tech firm LinkSure Global Holdings Ltd., and the renowned private firm Sheng Siong Holdings.
Razor fintech is eyeing to form the basis for the first-ever global youth bank in the world, titled Razor Youth Bank. However, initially, the company would be concentrating on targeting the millennials and youth of Singapore.
According to Lee Li Meng, Razor Fintech’s CEO and Razor’s Chief Strategy Officer, this new bank will cater to people in the age group of 12 to 35. Lee also said that they intend to help the youth, as many of them have little financial knowledge while growing up. Continuing further, Lee said that such younger customers would expect to be able to utilize their smartphones for faster and convenient monetary management and stock trading.
The company would leverage on its international presence, young fan base, as well as its existing platforms of digital payments, Razor Pay and Razer Merchant Services.
In a press release, the company stated that Youth Bank has plans to build a financial well-being companion, empowering financial literacy while offering transparent and fair products to the youth. It intends to provide banking experience that’s highly personalized, engaging, and fun, which also “embraces the digital economy in transition to a cashless society.”