Another consortium has joined the bid for a digital bank licence in Singapore, with plans to target small and midsize businesses (SMBs) and offer consumers modular services, such as "micro-coverage" insurance. The group comprises several major brands including lifestyle, payments, and real estate.
Called Beyond, the consortium is led by local wellness and lifestyle brand V3 Group and contactless card company EZ-Link. It also comprises local property developer Far East Organisation, Singapore Business Federation (SBF), Mitsui Sumitomo Insurance (MSI), and Heliconia Capital Manager, which is a subsidiary under state-owned investment firm Temasek Holdings.
The group said in a statement Sunday that it had applied for a digital full bank licence, the group said in a statement Sunday.
Singapore in June unveiled plans to issue up to five digital bank licenses[1] as part of efforts to add market diversity and boost the local banking system. The Monetary Authority of Singapore said this would include two digital full bank licenses, allowing licensees to offer financial services and take deposits from retail customers, and up to three digital wholesale bank licenses, which would enable licensees to serve SMBs (small and midsize businesses) and other non-retail segments.
Two other consortiums, led by Razer[2] and Grab[3], this past week also announced they had submitted their bid for a digital bank licence, with the former targeting the youth, while Grab said it planned to focus on SMBs and "digital-first" consumers.
The latest group is touting its members' collective reach and experience in the SMB community as well as across a diverse set of verticals, including mass transport, retail, and insurance. V3 owns popular wellness and retail brands OSIM and TWG Tea, while EZ-Link's contactless payment cards are used widely by commuters and accepted as