File photo/Tan Yuhan (NBD)

Jan. 2 (NBD) -- Gaming company Razer Inc (01337.HK) announced on Thursday that its fintech arm Razer Fintech has applied for a full digital banking license to be issued by the Monetary Authority of Singapore (MAS).

Stock of Razer surged by over 11 percent in the morning trading session on the day.

The HK-listed company is planning to extend its fintech offering to digital banking services by building Razer Youth Bank which is to be headquartered in Singapore.

Razer said in the statement that Razer Fintech has teamed up with strategic partners that proposes to take up equity interests in Razer Youth Bank. Such partners include fresh food supermarket retailing chain Sheng Siong Holdings, insurance firm FWD, free internet access provider Linksure Global, investment firm Insignia Ventures Partners, and online automotive marketplace Carro. Also, the fintech arm has gathered some of the world's leading service providers such as SkyScanner and Visa.

National Business Daily noticed that earlier this week, Singapore Telecommunications Ltd and Southeast Asian ride-hailing firm Grab also unveiled a joint bid for the license. The MAS is set to announce the winners of five digital banking licenses in mid-2020.

Email: lansuying@nbd.com.cn