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Singapore Fintech Firm iFast Joins Razer, Grab In Race for Virtual Bank License

Published 01/06/2020, 12:25 AM
Updated 01/06/2020, 12:26 AM
© Reuters.

Investing.com - Singapore-listed fintech firm iFAST Corporation Ltd (SI:IFAS) has joined the race for digital banking license, according to a company statement released on Friday.

The company has submitted a bid at the end of December together with a consortium of Chinese partners, according to a statement cited by Bloomberg.

The Monetary Authority of Singapore (MAS) said in 2019 that it plans to grant as many as five virtual bank licenses, and is expected to announce the winners in mid-2020.

Citing reports by Bain & Co., Google and Temasek Holdings Pte., Bloomberg said Southeast Asia’s digital lending market is expected to more than quadruple to $110 billion by in the next 5 years.

IFast is partnering with Yillion Group, one of the four digital banks in China, and Hande Group, a China-based fintech company, for the bid.

Other than iFast, Beyond Consortium and EZ-Link Pte also submitted a bid to the MAS for a license on Sunday.

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