MatchMove is the latest fintech firm to apply to the Monetary Authority of Singapore for a full digital banking licence, forming a coalition with lender Singapura Finance, clearing and settlement network Lightnet, and banking-as-a-service platform OpenPayd.
MatchMove already offers a suite of bank-like products through its Wallet OS, providing users with virtual and physical cards for money transfers, spending and lending.
Shailesh Naik, founder and group CEO of MatchMove says the consortium's proposed banking-as-a-service undertaking will bid to address current pent up demand from digitally underserved segments like SMEs and gig workers.
The firm has already signed up a network of partners with ready access to large networks of retail customers and SMEs, including a leading transit operator, insurance company, payments acquirer and tech startups focused on SME services.
"As a pure-play fintech, we believe we are well positioned to graduate to becoming the Digital Bank of choice for enterprises, employees and consumers of the future, in Singapore and the region.” says Naik.
Early this year, the Monetary Authority of Singapore announced that it has received a total of 21 applications for the digital bank licenses. Publicly known bids include those from wealth management tech supplier iFast, gaming group Razer, ride-hailing firm Grab and teclco SingTel, Chinese giant Ant Financial and Southeast Asian consumer internet company Sea Limited.