V3 Group and EZ-Link-led consortium join Singapore's digital banking race

BEYOND consortium has launched a bid for a digital full bank license with a focus on SMEs.

Fintech solutions developer V3 Group and payments technology company EZ-Link formed a consortium and launched a bid for a digital full bank license in Singapore, an announcement revealed.

BEYOND consortium is comprised of property developer Far East Organization and Temasek-subsidiary Heliconia Capital Management. Other notable firms include the Singapore Business Federation (SBF) and Mitsui Sumitomo Insurance, the latter which operates general insurance business MSIG Insurance (Singapore).

Also Read: Ping An fintech unit eyes digital banking licence application in Singapore

The consortium said that it intends to promote connectivity and has highlighted local small and medium enterprises as a key focus, as well as individuals in the real estate, construction, mass transport, insurance, and retail sectors.

“We have developed a suite of innovative products and services to cater to the needs of digital natives, the gig economy, the silver generation and SMEs operating in different industries. At the same time, we believe that a bank that is inclusive, fair and equitable will be able to serve these communities, and help them to meet their goals and aspirations,” said Gan Chee Yen, chairman-designate of the BEYOND consortium.

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

SBF and V3 Fintech, the digital financial services unit of V3 Group, earlier announced the establishment of BEYOND Lab, a regional digital academy focused on helping SMEs adopt digital technology. SBF and V3 Fintech expressed hopes for BEYOND Lab to become an innovation centre in Singapore to pilot and roll out digital technology to strengthen Singapore's SME network.

MSIG will also reportedly develop a range of insurance solutions geared to micro-coverage, modular and usage-based insurance.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

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