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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 CEO Lee Li Meng said. Other markets may include Europe, the Mideast or Latin America, where regulators are supportive, he said.
His comments come after Singapore awarded two digital full-bank licenses.
A Grab Holdings-Singapore Telecommunications venture and gaming-to-online shopping giant Sea 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. The Monetary Authority of Singapore also awarded two digital wholesale-bank licenses to Ant and others.