Gaming company Razer Inc will apply for an online bank license in Singapore.
Razer is leading a consortium of companies of which it will have a 60% stake.
The consortium includes FWD, Sheng Siong Holdings, Insignis Ventures Partners, LinkSure Global and Carro.
Shares in Razer rose by over 13% following the news.
What does this mean?
An increasing number of businesses are looking to join the race for one of the Monetary Authority of Singapore’s online, digital and virtual banking licenses. Ride-hailing giant Grab announced it is applying for a license just last week.