BEYOND Consortium bidding for Singapore digital bank licence

Prototype of credit cards for retail and SME banking, as envisioned by BEYOND, as part of the application for the digital full bank licence.

A consortium helmed by V3 Group, EZ-Link, and top finance professionals has announced its submission of a bid to the Monetary Authority of Singapore for a Digital Full Bank (“DFB”) Licence. The BEYOND consortium comprises:

  • V3 Group Limited V3 集团 (“V3”), the leading Singapore enterprise, owner of lifestyle and wellness brands, and fintech solutions developer,
  • Far East Organization 远东机构, Singapore’s largest private property developer,
  • Singapore Business Federation 新加坡工商联合总会 (“SBF”), the apex business chamber in Singapore,
  • EZ-Link Pte Ltd 易通私人有限公 (“EZ-Link”), Singapore’s largest issuer of CEPAS-compliant cards and a pioneer in innovative payment technology,
  • Mitsui Sumitomo Insurance Co., Ltd. 三井住友海上火灾保险公司 (“MSI”), a member of world leading insurance group, MS&AD, operates general insurance business in Singapore through its subsidiary, MSIG Insurance (Singapore) Pte. Ltd. MSIG 保险公司 (“MSIG Singapore”), and
  • Heliconia Capital Management 海 丽 凯 (“Heliconia”), a wholly-owned subsidiary of Singapore state investor Temasek, focused on catalysing the growth of small and medium businesses in Singapore.

Growth enterprises and SMEs are critical components of Singapore’s economy. As they grow locally and abroad, innovative industry-specific financing solutions and digital services are needed to help them compete and raise productivity. BEYOND aims to serve their needs by redefining the role of a bank.

Close to 70% of Singapore’s workforce is currently employed by SMEs, and BEYOND is focused on serving the needs of this community and their families by helping them to plan early and achieve financial security in their later years, through the use of behavioural economics and innovative processes.

Backed by a strong regional network, the consortium intends to promote connectivity and support local SMEs in extending their footprint in Asia. To that end, 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 enabling SMEs to adopt digital technology to increase operational efficiency and competitiveness. BEYOND Lab will serve SMEs in Singapore seeking to acquire digital technology to increase operational efficiency and competitiveness.

Key focus areas will include data analytics to support green solutions, and fintech innovations. BEYOND Lab will also support the upskilling of SME owners and their workforce to develop digitally empowered businesses. Over time, BEYOND Lab intends to become an innovation centre in Singapore to pilot and roll out digital technology to strengthen Singapore’s SME network.

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