Singapore-headquartered fintech startup MatchMove confirmed that it has applied for a digital full bank license in the city-state. It’s joining the digibank race with Singapura Finance, Lightnet, and OpenPayd.
Photo credit: MatchMove
The consortium is proposing a banking-as-a-service platform that would provide safe banking services and serve gig workers and small and medium-sized enterprises.
According to Shailesh Naik, the founder and group CEO of MatchMove, the startup has formed a network of fintech businesses with a large access to retail customers and SMEs.
Without being specific, he said that confirmed partners include a leading transport operator in Singapore, a leading insurance company in Southeast Asia, a regional payments acquirer, two startups focused on SME services, and an ecommerce enabler in Asia, among others. Naik added that the consortium is in advanced talks with other potential partners.
He said that the move would allow the digital bank to reach more customers with “minimal additional customer acquisitions costs” and make its services available “at a lower cost than traditional banking.”
The full digital banking bid is a natural next step for MatchMove, according to the statement. The startup currently offers what it calls a wallet-as-a-service platform, enabling customers to spend both online and offline via prepaid cards on major card networks. It also supports peer-to-peer domestic money transfers, cross-border remittances, as well as person-to-merchant and mass disbursements to global recipients.
MatchMove also offers lending services, where credit scores are assigned based on customers’ spending and sending patterns to offer customized lending solutions.
It has offices in India, Indonesia, Vietnam, and the Philippines.
For financing company Singapura Finance, the consortium’s move would enable the established firm to diversify into new digital segments and products, its CEO Jamie Teo said.
Lightnet, a Thai clearing and settlement network that leverages blockchain, said that the partnership is in line with its regional banking objectives. The company targets unbanked migrant workers and the SME trade finance segment in Southeast Asia.
UK-based fintech company OpenPayd, meanwhile, sees the collaboration as an opportunity to expand its footprint in Asia.
See: Singapore’s digital bank contenders: Who they are and what they bring to the table
Early this year, the Monetary Authority of Singapore announced that it has received a total of 21 applications for the digital bank licenses. Contenders for the full digibank licenses include the Enigma Group-led consortium, Grab and Singtel, Razer, Sea, and the Beyond consortium.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
