Singapura Finance sells stake in Matchmove PowerBank on SG digibank loss
MatchMove at the Singapore Fintech Festival. Photo: MatchMove
May 25, 2021
Singapore Exchange (SGX)-listed lender Singapura Finance has disposed of all its shares in MatchMove PowerBank, a subsidiary of MatchMove Pay, for $1 million, according to an SGX filing. The shares represented roughly 10% of PowerBank’s share capital.
In return, Singapura Finance will receive shares in MatchMove, which increases its shareholding in the firm from 1.6% to 1.9% on a fully diluted basis.
The transaction rationale was explained to be the result of PowerBank not obtaining a digital full bank licence in Singapore last year.