Ant Financial, a China-based fintech led by billionaire investor Jack Ma, and gaming firm Razer have submitted thier own applications for a digital banking license in Singapore, which is one of the hottest financial services markets in the world. 

Razer Inc., the international gaming powerhouse, announced in a regulatory filing with Hong Kong regulators that it has filed its own application for a digital banking license. Razer said in the filing that it planned to launch a youth-oriented banking brand, called Razer Youth Bank, that would take advantage of its brand presence in the global e-sports and gaming markets. 

The Monetory Authority of Singapore announced last summer that it planned to issue five virtual banking licenses, at a time when fintechs, Silicon Valley firms and other companies are expanding into the financial services space. Ant Financial is an affiliate of e-commerce retailer Alibaba and operates Alipay, the world's dominant mobile wallet, with more than one billion users. 

"In line with our commitment to promoting financial inclusion globally, we have submitted an application to the Monetary Authority of Singapore for a digital wholesale banking license," an Ant Financial spokesman told Mobile Payments Today via email. "We look forward to contributing to the development of the digital banking landscape in Singapore."

The applications follow prior announcements from GrabPay, the dominant Southeast Asian super app that dominates ride sharing, food delivery and a growing financial services presence.  

 Cover image: iStock.

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