Singapore-headquartered Enigma Group formed a consortium to become the latest applicant for a digital banking license in the city-state.

Joining financial firm Enigma in the consortium include management consultancy Qrypt Technologies, app developer 2359 Media, 'regtech' firm Blockchain Worx and U.K.-based Enigma Global Holdings. The latter firm also recently agreed to acquire a challenger bank, a term describing small retail lenders that focus on the underserved in the U.K.

«The experience from our financial services operations in Europe will help us leverage technology and best practices from similar mature markets to address digital banking needs back home in Singapore,» said Samuel Heng, the designated chairman of the consortium and director of Enigma Global.

Competition for Singapore’s digital banking licenses continues to escalate with the local regulator announcing earlier this month that it had already received a total of 21 applications without disclosing the firms vying for entry.