Gaming firm Razer Inc said on Thursday it is leading a consortium of companies that has applied for a online bank license in Singapore.
Razer’s fintech business will have a 60% stake in the consortium that includes insurance firm FWD and Sheng Siong Holdings, a private vehicle of the Lim brothers behind a Singaporean supermarket chain.
Razer Fintech said its bid to set up a retail bank will leverage “on the strength of Razer as a lifestyle brand synonymous with the youth and millennials, Razer’s global presence and the innovative digital payments platform Razer Fintech has built.”
Instead of fighting local banks, Razer Fintech plans to target the youth and millennial segment in Singapore. Eventually, it aims to roll out globally as Razer Youth Bank, which the company said would be the first bank of its kind.
Others in the consortium include venture firm Insignia Ventures Partners, mobile internet company LinkSure Global and vehicle marketplace Carro.