Fintech startup MatchMove applies for digital bank license

It partnered with lender Singapura Finance and other fintechs for its bid.

Fintech startup MatchMove confirmed that it submitted an application for a digital full bank license (DFBL) to the Monetary Authority of Singapore (MAS), the firm announced in a press release.

MatchMove partnered with lender Singapura Finance, Bangkok-based blockchain startup Lightnet, and London-based payment service provider OpenPayd.

The Singapore-headquartered firm offers a “banking-as-a-service” platform that includes the e-wallet Spend.Send.Lend suite.

The bid aims to reach digitally underserved segments like SMEs and gig workers. In particular, the proposed digital bank will develop banking products and services for retail customers and SMEs, according to Shailesh Naik, founder and group CEO of MatchMove.