Singapore Tycoons Team Up to Vie for Digital Banking License
- Temasek unit, Far East, EZ-Link are said to be part of group
- Consortium looking to apply for digital retail banking permit
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Ron Sim, founder of one of Asia’s largest massage chair makers, is in talks to partner with a unit of Temasek Holdings Pte. and other firms to bid for one of Singapore’s new virtual banking licenses, according to people familiar with the matter.
V3 Group Ltd., Sim’s Singapore-based firm, is discussing forming a consortium with Temasek’s Heliconia Capital Management Pte, as well as stored-value card company EZ-Link Pte and property giant Far East Organization Pte, said the people, who asked not to be identified because the discussions remain private. The group plans to seek one of Singapore’s new retail digital banking licenses, they said.