Wednesday, Apr 1, 2020
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Singapore-based MatchMove led consortium to venture into digital banking

Matchmove digital banking licence
The fintech is teaming up with Singapura Finance and two others to apply for a digital banking licence

Singapore-based fintech firm MatchMove has decided to apply for a digital banking licence in the city-state through a consortium.

In order to apply for the digital banking licence, MatchMove is teaming up with Singapura Finance, CP Group-linked Lightnet, and UK-based fintech OpenPayd Holdings.

With regard to the application for a digital banking licence, MatchMove’s founder and chief executive Shailesh Naik said in a statement, “Our proposed digital Banking-as-a-Service will accelerate this objective by leveraging our existing and already available capabilities to address current pent up demand and reach digitally underserved segments like SMEs and gig workers, amongst others.”

“As a pure-play fintech, we believe we are well-positioned to graduate to becoming the Digital Bank of choice for enterprises, employees and consumers of the future, in Singapore and the region.”

Some of the front runners for the digital banking licence in Singapore include Ant Financial, Grab-Singtel consortium, Razer, Sheng Ye Capital’s consortium, an AMTD-led consortium, Bytedance, and iFast Group.

Earlier this year, Beyond Consortium, led by V3 Group and EZ-Link also joined the race for the digital banking licence in Singapore. The consortium also includes the Singapore Business Federation, Temasek unit Heliconia Capital Management; MSIG Insurance, a subsidiary of Mitsui Sumitomo Insurance; and property giant Far East Organisation.

Chinese ecommerce firm Zall Smart Commerce Group and real estate developer Greenland Group both applied separately for a digital banking licence in Singapore as well.

Earlier this month, media reported that Singapore-based Arrival Bank has also applied for a digital banking licence.

The Monetary Authority of Singapore (MAS) is set to issue three operational licences in Singapore in a bid to improve financial lending to small and medium-sized enterprises (SMEs) in Singapore.

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