Singapore massage chair tycoon in consortium talks for digital banking licence

Rom Sim, founder of V3 Group, is in talks to partner with a unit of Temasek Holdings, a stored-value card company and a property giant for a licence

Singapore announced plans earlier this year to award as many five digital banking licences to nonbank firms as it seeks to shake things up

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People try out massages chair during the 2018 CES in Las Vegas, Nevada. Photo: Reuters

Published: 8:00pm, 14 Nov 2019Updated: 8:03pm, 14 Nov 2019

Ron Sim, founder of one of Asia’s largest massage chair makers, is in talks to partner with a unit of Temasek Holdings and other firms to bid for one of Singapore’s new virtual banking licenses, according to people familiar with the matter.

V3 Group, Sim’s Singapore-based firm, is in talks to partner with Temasek’s Heliconia Capital Management, as well as stored-value card company EZ-Link and property giant Far East Organisation in the new consortium, said the people, who asked not to be identified because the discussions remain private. The group plans to seek one of Singapore’s new retail digital banking licenses, they said.

The city state has announced plans to award as many as five digital banking licences to nonbank 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 (US$1.1 billion) in paid-up capital as well as local control.

A representative for V3 said the firm is committed to developing digital financial offerings for the underserved in Singapore and the region, but did not comment on its specific plans. Heliconia, EZ-Link, and Far East Organisation declined to comment.

Financial Technology

An OSIM sales consultant poses for a picture in Tsim Sha Tsui. Photo: Edmond So

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