Singapura Finance has sold all its stake in MatchMove PowerBank after failing to secure a digital banking licence in Singapore.

The Singapore Exchange (SGX) listed lender sold nearly 10% of the shared capital of PowerBank on a fully-diluted basis to MatchMove Pay for $1m.

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The deal will increase its shareholding in MatchMove Pay from existing 1.6% stake to 1.9%.

MatchMove Pay incorporated MatchMove PowerBank last year to apply for a digital banking licence in Singapore. Subsequently, Singapura Finance also partnered with the initiative.

However, eventually, the application was unsuccessful.

The Monetary Authority of Singapore (MAS) selected SEA Group and a Grab-Singtel joint venture for two licences in December 2020.

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In a stock exchange filing, Singapura Finance said: “The Company is a Singapore-focused lender and its interest was exclusively in backing a Singapore digital bank.

“As such, the Company will refocus its investment in MatchMove. The Board is of the view that MatchMove continues to have possible long-term significant growth potential.”

MatchMove PowerBank still plans to apply for digital bank licences in other Asean countries.

MatchMove Pay was incorporated in Singapore on 18 February 2009. The main activities are development and provision of end-to-end Banking-as-a-Service (Baas) solutions with a full suite of Application Programming Interfaces (API).

In December last year, MAS also awarded two digital wholesale bank licences.

The awarded digital banking licences are slated to start operating from early 2022.