Enigma-led consortium announces Singapore digibank bid

A consortium led by Singapore-based Enigma Group announced it has applied for a digital full bank license in the city-state.

MAS headquarters in central Singapore / Photo credit: Tech in Asia

Its co-applicants include local cybersecurity firm Qrypt Technologies, mobile app developer 2359 Media, and blockchain-focused fintech startup Blockchain Worx. UK-based Enigma Global Holdings, which has recently agreed to acquire an existing challenger bank in the European country, is also on board.

UK challenger banks are small in size and compete directly with more established financial institutions. The company did not disclose any further details on the acquired bank.

Enigma Group said its proposed digital bank will be focused on serving underbanked small and medium-sized enterprises and the fast-evolving digital workforce. The consortium plans to leverage their collective expertise across financial services, along with emerging technologies, to deliver financial products for its target segments.

“Furthermore, the experience from our financial services operations and footprint in Europe will help us leverage leading-edge technology and best practices from similar mature markets to address digital banking needs back home in Singapore, too,” said Enigma Global director Samuel Heng, who has been elected to lead the Enigma consortium as its chairman.

Just last week, the Monetary Authority of Singapore (MAS) said it has received a total of 21 applications for digital bank licenses. Those who have so far publicly revealed their bids include the likes of Grab and Singtel, Razer Fintech’s consortium, Ant Financial, Sea, AMTD’s consortium, and V3 Group-led Beyond, among others.

See also: Singapore’s digital bank contenders: Who they are and what they bring to the table

Successful applications are set to be announced in June, with the new digital banks expected to start operations by mid-2021, according to MAS.