Razer applies for a banking license to establish Razer Youth Bank

If you thought Razer toaster was extreme, wait until you hear about the Razer Youth Bank.  

Known for their flashy and state of the art gaming hardware, Razer has announced that they have applied for a digital banking license in Singapore to establish their very own Razer Youth Bank. The application has been submitted by Razer Fintech, Razer’s financial technology arm. 

This comes after the Monetary Authority of Singapore announced their plans for digitization of banking in June 2019. They said that it was a part of “Singapore’s banking liberalization journey to ensure that its banking sector continues to be resilient and competitive.”  

The Razer Youth Bank is planning to target the millennials and also entrepreneurs and small and micro-businesses that have difficulty finding capital. This initiative is being undertaken with strategic partners like Shen Siong Holdings, FWD, Linksure Global, Carro and Insignia Ventures Partners. Razer Fintech will hold a 60% stake, and the rest will be distributed among the strategic partners. Razer said that the digital banking platform will be “integrating lifestyle experiences” and will tap into partners such as SkyScanner and Visa for that. 

Lee Li Meng, Chief Strategy Officer (CSO) of Razer and CEO of Razer Fintech, said in a release, “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. 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.” 

This application was a part of MAS’s invitation. According to them, up to five digital banking licenses will be issued and two full digital banking licenses will be given to non-banking entities. The successful applications will be announced in June.