U.S. Markets closed
  • S&P 500

    3,855.36
    +13.89 (+0.36%)
     
  • Dow 30

    30,960.00
    -36.98 (-0.12%)
     
  • Nasdaq

    13,635.99
    +92.93 (+0.69%)
     
  • Russell 2000

    2,163.27
    -5.49 (-0.25%)
     
  • Crude Oil

    52.84
    +0.07 (+0.13%)
     
  • Gold

    1,853.30
    -1.90 (-0.10%)
     
  • Silver

    25.34
    -0.14 (-0.55%)
     
  • EUR/USD

    1.2145
    0.0000 (-0.0000%)
     
  • 10-Yr Bond

    1.0400
    -0.0510 (-4.67%)
     
  • Vix

    23.19
    +1.28 (+5.84%)
     
  • GBP/USD

    1.3667
    -0.0008 (-0.0601%)
     
  • USD/JPY

    103.7790
    +0.0230 (+0.0222%)
     
  • BTC-USD

    32,566.81
    -18.00 (-0.06%)
     
  • CMC Crypto 200

    658.12
    -18.78 (-2.77%)
     
  • FTSE 100

    6,638.85
    -56.22 (-0.84%)
     
  • Nikkei 225

    28,704.54
    -117.75 (-0.41%)
     

Razer to Push Youth Bank, Undeterred by Failure of Singapore Bid

Yoolim Lee
·1 min read

(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.

Related story: Grab, Razer Among Firms Eyeing Malaysia Digital Bank License

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.

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.