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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Razer Inc.    1337   KYG7397A1067

RAZER INC.

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Singapore digital bank race heats up with 21 licence bidders

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01/07/2020 | 04:50am EST
FILE PHOTO: File photo of the logo of the Monetary Authority of Singapore at its building in Singapore

Singapore has drawn huge interest from technology firms looking to shake up the city-state's banking landscape, attracting 21 applications for five digital bank licences on offer.

Among firms bidding are Alibaba Group affiliate Ant Financial, a venture between Singapore Telecommunications and Southeast Asian ride-hailer Grab, and a consortium led by gaming firm Razer.

Singapore-based internet firm Sea Ltd, a group led by Singapore tycoon Ron Sim's firm V3 Group, and Hong Kong financial services group AMTD's consortium, which includes an affiliate of Xiaomi, has also applied.

Roughly 50 companies are involved in the bidding, sources told Reuters.

Singapore's banking liberalisation is its biggest in two decades and follows similar moves in Hong Kong, which issued eight online banking licences last year.

The Monetary Authority of Singapore (MAS) said it received strong interest from a diverse group of applicants but did not name them. Seven bidders are for retail banks and the rest are for wholesale banks.

"These include e-commerce firms, technology and telecommunications companies, FinTechs (such as crowd-funding platforms and payment services providers) and financial institutions," the MAS said on Tuesday.

The online-only banks are expected to operate at lower costs and offer services that differ from local incumbents such as DBS Group and OCBC.

Firms have joined forces to combine banking and technology expertise and meet local licensing requirements, which are generally stricter than other markets such as Hong Kong. Retail bank licence holders, for example, will need S$1.5 billion ($1.1 billion) in paid-up capital. [L4N28C104]

Some contenders hope deep customer data combined with new technology will help them win customers in Singapore, which has over 150 deposit-taking institutions and about $2 trillion in total assets under management.

"One of the key motivations for seeking a Singapore digital bank license is that it is easier to demonstrate a proven track record and regional connectivity to other regulators in ASEAN where digital banks are going to be available in coming time," said Varun Mittal, who heads the emerging markets fintech business at consultancy EY.

Singapore is issuing up to two retail and three wholesale bank licences.

Accredited retail digital banks will be able to accept deposits from and offer services to both retail and non-retail customers, although they must be headquartered in Singapore and controlled by Singaporeans.

Wholesale banks will mostly serve small and medium enterprises (SMEs) and will not be subject to local control restrictions.

Singapore will announce the winners in June and digital banks are set to start operations in a phased manner from mid-2021.

($1 = 1.3487 Singapore dollars)

By Anshuman Daga

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -0.33% 219.63 Delayed Quote.3.55%
DBS GROUP HOLDINGS LTD -0.27% 25.48 End-of-day quote.-1.85%
OVERSEA-CHINESE BANKING CORPORATION LIMITED -0.45% 11.01 End-of-day quote.0.36%
RAZER INC. -1.48% 1.33 End-of-day quote.-2.21%
SEA LIMITED 1.13% 48.49 Delayed Quote.20.56%
SINGAPORE TELECOMMUNICATIONS LIMITED -0.31% 3.21 End-of-day quote.-5.31%
XIAOMI CORP End-of-day quote.
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Financials (USD)
Sales 2019 842 M
EBIT 2019 -76,5 M
Net income 2019 -69,6 M
Finance 2019 640 M
Yield 2019 -
P/E ratio 2019 -23,3x
P/E ratio 2020 -552x
EV / Sales2019 1,06x
EV / Sales2020 0,81x
Capitalization 1 529 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 0,22  $
Last Close Price 0,17  $
Spread / Highest target 43,1%
Spread / Average Target 25,6%
Spread / Lowest Target 16,8%
EPS Revisions
Managers
NameTitle
Min Liang Tan Chairman & Chief Executive Director
Kheng Joo Khaw Chief Operating Officer
Chong Neng Tan Chief Financial Officer
Thiong Joo Chan Executive Director & Chief Investment Officer
Ka Ling Lim Non-Executive Director
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