The cross-border payments startup InstaReM announced it will apply for a digital banking license in the city-state, as learned by Bloomberg. The startup is said to be in the middle of a discussion with potential lending business partners to create a joint venture.
The Monetary Authority of Singapore (MAS) released a statement on Friday, June 28, saying that it will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses. Following the announcement, companies like Singapore Telecommunications Ltd., Grab, and Razer have only expressed their interests to apply, making InstaReM the first one to say yes to the opening.
InstaReM was founded in 2014, and it is already regulated in the US, the EU, Singapore, Canada, Hong Kong, India, Australia, and Malaysia with the backing of investors such as Vertex Ventures, Fullerton Financial Holdings, Rocket Internet, and MDI Ventures.
Prajit Nanu, CEO of InstaReM, also expressed that it is actively seeking partners. “InstaReM’s limited ability is in lending, where it’s a key aspect to be able to have the license. We will be looking to partner to create the lending experience in the same technology stack,” said Nanu.