Tuesday, 14 July 2020

BEYOND launches bid for digital full bank to serve SMEs, their workforce and consumers

A consortium helmed by V3 Group, EZ-Link, and top finance professionals has announced its submission of a bid to the Monetary Authority of Singapore for a digital full bank licence. The BEYOND consortium is led by V3 Group and EZ-Link, and comprises leaders in the Singapore business community including Far East Organization, Singapore Business Federation, Mitsui Sumitomo Insurance and Heliconia Capital Management. 

Small and medium-sized enterprises (SMEs) are a key pillar of the Singapore economy, contributing to a significant portion of the country’s gross domestic product and representing a major driver of future growth. Close to 70% of Singaporeans work in the SME ecosystem. These businesses, their workforce and their extended families represent an important community that is at the heart of the BEYOND proposal.

The consortium has developed a suite of innovative products and services to cater to the needs of digital natives, the gig economy, the silver generation and SMEs operating in different industries. In serving the needs of the SME community, their workforce and their families through the use of behavioural economics and innovative processes, BEYOND believes they will be able to make better financial decisions and achieve financial security in their later years. With this bid, BEYOND hopes to build a fair, equitable and inclusive bank that will help Singapore businesses to expand into new markets, embrace new business models and technologies and create better jobs for Singaporeans.

Re-disseminated by The Asian Banker

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