Razer Joins Singapore’s Digital Banking Race
- Its shares gain the most in nine months after announcement
- Partners include billionaire tycoon Richard Li’s FWD Group
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Gaming company Razer Inc. has teamed up with homegrown Singaporean entrepreneurs and Asian billionaires to apply for a full digital banking license, joining the race to create virtual lenders in the city state.
Razer’s shares leapt as much as 13.4% Thursday, their biggest intraday gain since April. Its consortium is the second group to announce it’s submitted an application for the digital full banking license after Grab Holdings Inc. and Singapore Telecommunications Ltd. unveiled a joint bid on Dec. 30. The Monetary Authority of Singapore is set to announce the winners of five digital banking licenses in mid-2020.