Micro-coverage insurance consortium led by V3 Group and contactless card operator EZ-Link has announced applying for digital banking licence in Singapore.
The consortium plans to target small and mid-sized businesses as well as offer consumers with "micro-coverage" insurance services. The group comprises several major brands including lifestyle, payments, and real estate.
Called Beyond, the consortium is led by local wellness and lifestyle brand V3 Group and contactless card company EZ-Link. It also comprises local property developer Far East Organisation, Singapore Business Federation (SBF), Mitsui Sumitomo Insurance (MSI), and Heliconia Capital Manager, which is a subsidiary under state-owned investment firm Temasek Holdings. The group said in a statement Sunday that it had applied for a digital full bank licence.
Singapore in June unveiled plans to issue up to five digital bank licenses as part of efforts to add market diversity and boost the local banking system. The Monetary Authority of Singapore said this would include two digital full bank licenses, allowing licensees to offer financial services and take deposits from retail customers, and up to three digital wholesale bank licenses, which would enable licensees to serve SMBs and other non-retail segments.
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