Global gaming hardware manufacturing company Razer Inc. has teamed up with a number of Singaporean and Asian entrepreneurs to develop its own digital bank, PaymentsSource reports.
As it states, Razer submitted an application for the digital full banking license. Singapore regulator the Monetary Authority of Singapore will expectedly announce the winners of five digital banking licenses in the middle of 2020.
Jefferies analysts led by Ken Chong claim that upon obtaining the license Razer will leverage on its 70 million registered user base across its software offerings to cross-sell more financial products.
"This would likely include insurance and wealth management products offered by Razer’s ecosystem partners, while Razer would contribute its traffic and data of its core user base of game enthusiasts."
Earlier iHodl reported that former Barclays CTO and Head of Technology for the Barclays Group Mark Hipperson is about to launch his own cryptocurrency-focused digital bank in 2020.
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