V3 Group and EZ-Link-led consortium join Singapore's digital banking race

BEYOND consortium has launched a bid for a digital full bank license with a focus on SMEs.

Fintech solutions developer V3 Group and payments technology company EZ-Link formed a consortium and launched a bid for a digital full bank license in Singapore, an announcement revealed.

BEYOND consortium is comprised of property developer Far East Organization and Temasek-subsidiary Heliconia Capital Management. Other notable firms include the Singapore Business Federation (SBF) and Mitsui Sumitomo Insurance, the latter which operates general insurance business MSIG Insurance (Singapore).

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The consortium said that it intends to promote connectivity and has highlighted local small and medium enterprises as a key focus, as well as individuals in the real estate, construction, mass transport, insurance, and retail sectors.

“We have developed a suite of innovative products and services to cater to the needs of digital natives, the gig economy, the silver generation and SMEs operating in different industries. At the same time, we believe that a bank that is inclusive, fair and equitable will be able to serve these communities, and help them to meet their goals and aspirations,” said Gan Chee Yen, chairman-designate of the BEYOND consortium.

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SBF and V3 Fintech, the digital financial services unit of V3 Group, earlier announced the establishment of BEYOND Lab, a regional digital academy focused on helping SMEs adopt digital technology. SBF and V3 Fintech expressed hopes for BEYOND Lab to become an innovation centre in Singapore to pilot and roll out digital technology to strengthen Singapore's SME network.

MSIG will also reportedly develop a range of insurance solutions geared to micro-coverage, modular and usage-based insurance.