Singapore Fintech Startup MatchMove Joins Digital Bank Race (1)

Singapore financial-technology firm MatchMove has teamed up with homegrown finance company Singapura Finance Ltd. and two others to apply for a digital banking license in the city-state.

The MatchMove-led consortium is the latest group to announce it’s submitted an application for a digital full banking license to the Monetary Authority of Singapore. That sets the firm against heavyweights including Sea Ltd., which is backed by Tencent Holdings Ltd., and the Grab Holdings Inc.-Singapore Telecommunications Ltd. consortium.

Efforts to open up the Singapore banking industry to technology companies come on the heels of a similar move in ...