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First Singapore Startup Says It Will Apply for Digital Banking License

  • Instarem is seeking to partner in lending business: CEO
  • Startup in talks with potential partners for a joint venture
Prajit Nanu

Prajit Nanu

Photographer: Emmanual/InstaReM

Singapore cross-border payments startup Instarem is seeking partners in the lending business as it prepares to apply for a digital banking license in the city state.

The Monetary Authority of Singapore said on Friday it will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses. Singapore Telecommunications Ltd., Grab and Razer have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license.