Singapore Digest: Validus to seek digital banking licence; ConsoliAds raises Series A

From L to R: Arno de Vette, Senior Investment Officer, FMO; Vikas Nahata, Co-founder and executive chairman, Validus Capital; Ajit Raikar, co-founder and CEO, Validus Capital; and Liu Genping, Partner, Vertex Ventures

Singapore-based P2P lending platform Validus Capital will apply for a digital banking licence in August while digital advertisement optimization platform ConsoliAds has raised $1 million Series A led by 47 Ventures Investments.

Validus Capital to apply for Singapore digital-banking licence

Singapore-based P2P lending platform Validus Capital will apply for a digital banking licence in August when the Monetary Authority of Singapore (MAS) starts accepting applications, the Business Times reported.

“We are ready to evolve into a full-service digital bank to connect communities and millennials who are digitally savvy with businesses,” Ajit Raikar, the firm’s CEO told the portal.

Singapore’s central bank is plannig to issue up to five digital bank licences to suitable applicants, in a move that could deliver the biggest shake-up in two decades in a market dominated by local banks, according to Reuters.

“The new digital bank licences mark the next chapter in Singapore’s banking liberalisation journey,” said Tharman Shanmugaratnam, senior minister and chairman of the MAS.

The Temasek-backed P2P lending platform in February secured $15.2 million (S$20.5 million) in a Series B funding led by Dutch development bank FMO.

Singapore’s ConsoliAds raises $1m Series A

Singapore-based digital advertisement optimization platform ConsoliAds has raised $1 million Series A led by 47 Ventures Investments, a Pakistan-focused venture capital fund, according to an announcement.

The funds will be used to further strengthen its leadership position in the APAC market as well as to allow the company to expand into other regions as well.

“The partners at 47 Ventures Investments have deep expertise in the digital/mobile ad tech space and we are excited to have them on board as we move towards global expansion,” said ConsoliAds CEO Asad Mahmood.

ConsoliAds is an online ad mediation and digital content promotion platform service provider headquartered in Singapore with development operations in Pakistan. The company has regional offices in Dubai as well.