Singapura Finance to invest US$3m in MatchMove PowerBank

Following the completion of the equity financing, Singapura Finance will hold approximately 10 per cent of PowerBank's share capital on a fully-diluted basis, or about 1.8 million Class A ordinary shares in the company.

In October last year, Singapura Finance also paid US$5 million for a 1.6 per cent stake in MatchMove. In January this year, The Business Times reported that Singapura Finance and MatchMove were believed to have teamed up in hopes of landing a digital bank licence in Singapore. As at June 18, 14 of the 21 digital bank applications have progressed to the next stage of assessment. They comprise five digital full banks and nine digital wholesale banks.

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