Daily Briefing: Fintech InstaRem eyes digital banking license; Oman-based investment firm Jabreen Capital acquires stake in EastBridge Partners Singapore

And Spanish laundry startup Mr Jeff plans to launch in Singapore.

From Bloomberg:

Singapore cross-border payments startup Instarem is seeking partners in the lending business as it prepares to apply for a digital banking license in the city state.

The Monetary Authority of Singapore said on Friday it will grant as many as two digital full-bank licenses and up to three digital wholesale bank licenses. Singapore Telecommunications Ltd., Grab and Razer have expressed an interest since the MAS announcement, but Instarem is the first company to say it will apply for a license.

Ant Financial said it is “delighted” with Singapore’s plan, which it said will foster the development of the financial technology industry, without elaborating on its plans.

Founded in 2014, Instarem is regulated in the US, the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, and processes billions of dollars a year for banks, payments institutions and retail users across the world.

Read more here.

From DealStreetAsia:

Jabreen Capital, subsidiary of Oman-based investment holding company Ominvest, has acquired a significant stake in EastBridge Partners Singapore to expand its private equity footprint in the South East Asia market, according to an announcement.

The acquisition agreement – signed by Jabreen Capital chairman Sheikh Khalid Abdullah Al Khalili and EastBridge Group Singapore founder Kevin Lim – will enable the Omanese firm to tap into new investment opportunities, particularly in South East Asia.

EastBridge Partners focuses on growth-oriented strategy deals in the mid-market space mainly in Korea and select cross-border investments in Greater China and Southeast Asia.

“This partnership will act as a bridge between the Middle East and South East Asia. We will work closely together in raising funds, executing deals and creating value in portfolio companies and enhancing business,” said Lim.

Read more here.

From e27:

Mr Jeff, an on-demand laundry startup headquartered in Valencia, Spain, has announced its expansion into Singapore.

The startup aims to open more than 30 franchises in the Asian country by the end of 2019.

According to the company, the laundry services market in Singapore is primarily made up of small, local shop owners, with a limited customer reach and, consequently, limited opportunity for business growth.

The venture was founded in 2015 by three Spanish entrepreneurs Eloi Gómez, Adrián Lorenzo and Rubén Muñoz. It provides laundry and dry cleaning services to its customers, who can choose the exact location, time and day of pickup.

Read more here.

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