-- Ron Sim, founder of one of Asia’s largest massage chair makers, is in talks to partner with a unit of Temasek Holdings Pte. and other firms to bid for one of Singapore’s new virtual banking licenses, according to people familiar with the matter.
The city-state has announced plans to award as many as five digital banking licenses to non-bank firms as it seeks to shake up its financial-services industry and create competition for traditional lenders. Thresholds are higher for the two retail licenses available -- they require S$1.5 billion in paid-up capital as well as local control.
Financial TechnologyV3, which owns massage-chair maker OSIM and tea brand TWG, recently created a financial technology unit. It announced Thursday it hired Gan Chee Yen, formerly the chief executive officer of Fullerton Financial Holdings, another Temasek unit, as a senior adviser for the fintech unit. Last year, KKR & Co. said it will invest up to S$500 million for a stake in V3.