Massage chair maker V3 in talks with Temasek unit for digital bank license bid

V3 recently created a fintech unit and hired a former CEO of a Temasek unit as adviser.

Bloomberg reports that Ron Sim, founder of massage chair maker V3 Group is in talks with Temasek’s Heliconia Capital Management and other firms to bid for one of Singapore’s new retail digital banking licenses, according to people familiar with the matter.

The planned consortium may comprise of stored-value card company EZ-Link and property giant Far East Organization, according to sources who asked not to be identified.

A representative for V3 did not comment on specific plans regarding the purported consortium, whilst Heliconia, EZ-Link, and Far East Organization declined to comment.

V3, which owns massage-chair maker OSIM and tea brand TWG, recently created a financial technology (fintech) unit and recently hired Gan Chee Yen, formerly the CEO of Temasek-unit Fullerton Financial Holdings, as a senior adviser.

Singapore has announced plans to award as many as five digital banking licenses to non-bank firms. Thresholds are higher for the two retail licenses offered-- they require $1.5b (US$1.1b) in paid-up capital as well as local control.

Here’s more from Bloomberg.

Also Read

Ant Group unveils AI financial manager Maxiaoca

Mobile payments by tourists in China rise sixfold

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit