SINGAPORE - Remittance start-up Nium - which recently rebranded from Instarem - has withdrawn from the contest for a Singapore digital wholesale banking licence, doubling down on its global business-to-business payments instead.
Backed by investors including Temasek Holdings unit Vertex Ventures and Rocket Internet, Singapore-based Nium said it was interested in a licence after the Monetary Authority of Singapore announced in July it will grant as many as two digital full-bank licences and up to three digital wholesale bank licences.
Other companies that expressed a desire to apply included Singtel, Grab and Razer. Nium is the first to declare its withdrawal.
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