A consortium led by Singapore-headquartered fintech agency MatchMove introduced yesterday that it has submitted an software for a digital full financial institution licence to the Financial Authority of Singapore.
With its wallet-as-a-service platform and in managing the end-to-end course of for buyer transactions throughout a number of international locations in Asia, MatchMove already acts like a digital financial institution, the corporate mentioned.
“Offering full digital banking is a pure evolution of MatchMove’s present capabilities in direction of a holistic and built-in banking proposition,” it famous.
MatchMove has partnered finance firm Singapura Finance, clearing and settlement community Lightnet and digital banking and companies platform OpenPayd Holdings in its bid for the licence.
MatchMove founder and group chief government Shailesh Naik mentioned its proposed digital banking-as-a-service will leverage its present capabilities “to handle present pent-up demand and attain digitally under-served segments like small and medium-sized enterprises (SMEs) and gig staff, amongst others”.
Singapura Finance CEO Jamie Teo added: “This technique enhances our present enterprise and steps up our digitalisation efforts in addition to permits us to diversify into new digital native segments and merchandise.”
Lightnet co-founder Tridbodi Arunanondchai mentioned: “There are a lot of synergies between our organisations past Singapore which we intend to discover, and I imagine we are able to develop a compelling proposition for the under-banked phase throughout the area.”
Mr Naik added that MatchMove has additionally assembled an ecosystem of companies with prepared entry to retail clients and SMEs.
The proposed digital financial institution will present tailor-made and related banking services and products to those corporations and their staff, in addition to their companions’ retail clients.
Outcomes of the digital financial institution licences will likely be out in the midst of the 12 months, and the brand new digital banks are anticipated to begin operations by the center of subsequent 12 months.
Outcomes of the digital financial institution licences will likely be out center of the 12 months, and the brand new digital banks are anticipated to begin operations by the center of subsequent 12 months.