Contenders we know so far in Singapore's digibank race

A total of three consortia have made known their applications for a full digital bank licence:on Dec 30 made public their joint application for a digital full bank licence. Ride-hailing Grab would hold a 60 per cent stake in the proposed consortium, with the telco giant holding the remaining 40 per cent. Both partners see finance as a"natural extension" of their core businesses, and aim to go mainstream with a close watch on cash burn.

Razer Fintech will take up a 60 per cent stake in the consortium, with the remaining interest to be held by the other strategic partners., led by Ron Sim's V3 Group and stored-card operator EZ-Link, that is gunning for the digital full bank licence in Singapore. Property group Far East Organization, Temasek-owned Heliconia Capital and insurer Mitsui Sumitomo Insurance are also participating in the consortium - making it the biggest seen thus far with six members.

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