Grab and gaming company Razer will need to demonstrate how their millions of users can help them generate profits if the two technology firms are to win one of Singapore’s coveted virtual banking licenses. That could be a challenge for Grab and Razer who have consistently reported losses in recent years.
“The Singapore requirements on digital banks will mean that profitability will have to be a key consideration” for potential applicants, said Zennon Kapron, managing director of Singapore-based consulting firm Kapronasia. In order to succeed “they will need to achieve scale very quickly,” he added.