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Bloomberg
Two more consortiums said they submitted bids for digital banking licenses in Singapore as companies, ranging from a massage chair maker to a property giant and Chinese fintech firms, joined forces to go for the sought-after permits.
Beyond Consortium, led by one of Asia’s largest massage chair makers, V3 Group Ltd and stored-value card company EZ-Link Pte, submitted a bid to the Monetary Authority of Singapore for a digital full bank license, according to a statement.
Singapore-listed fintech firm iFast Corp said that a bid was submitted at the end of December together with a consortium of Chinese partners. The groups join companies such as Razer Inc and Grab Holdings Inc in the race for such licenses in the Southeast Asian nation.
MAS unveiled plans last year to grant as many as five virtual bank licenses to boost competition and innovation, and is set to announce the winners in mid-2020. Southeast Asia’s digital lending market is expected grow to $110 billion by 2025.