Singapore cross-border payments start-up, Instarem, is preparing to apply for a digital banking licence in the city state, and are currently seeking banking partners to achieve this.
According to Bloomberg, the Monetary Authority of Singapore (MAS) will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses.
Singapore Telecommunications, Grab and Razer, have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license.
Founded in 2014, Instarem processes billions of dollars a year for banks, payments institutions and retail users across the world. It is backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures.
“Instarem already provides services similar to transaction banking in a bank so this would be a natural extension for us,” says CEO Prajit Nanu. “One key aspect where we have limited ability is lending and we will be looking to partner to create the lending experience in the same technology stack.”
Source: Fintech Futures
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