V3 Group Limited on August 23 announced the appointment of former minister George Yeo as senior advisor.

Brands under the group include familiar names such as OSIM, TWG Tea, and GNC.

V3 is part of a consortium, Beyond, that’s bidding for one of the digital bank licenses to be awarded by the Monetary Authority of Singapore later this year.

Besides V3, other members of the Beyond consortium are EZ-Link, Far East Organization, Singapore Business Federation, Sumitomo Insurance and Heliconia Capital Management.

V3 Group says Yeo is “well-placed” to advice the group on harnessing critical growth catalysts to create more sustainable value for stakeholders with his insights on China, Asean and Asia, global e-commerce trends, and digitally-driven trade connectivity.

Going forward, V3 Group adds that it will be building its business interests through three segments – V3 Brands, V3 Capital, and V3 Assets.

Brands such as OSIM will go under V3 Brands, while V3 Capital will oversee the group’s FinTech unit as well as its interest in Singapore digital bank consortium Beyond. V3 Assets will cover its holdings in real estate.

Ron Sim, founder and executive chairman of V3, says, “I deeply appreciate George’s agreement to join V3 as our Senior Advisor and to share his invaluable insights as we journey together”.

“In Singapore as well as around the world, many are now facing unprecedented challenges and disruptions in work, business, and life. More than ever before, there is a greater need for clear vision, sustainable values, and indomitable valour to conquer the difficulties ahead,” he says.

“With George’s counsel and experience, we will continue to develop more innovative ways to elevate our enterprises and our customers,” Sim adds.

“I am honoured to journey with V3 as it builds scalable brands and enterprises across Asia. Ron is an old friend. I share Ron’s belief in the importance of curiosity, creativity and connectivity, and admire his drive to innovate and contribute to society,” says Yeo.

Yeo is currently an independent board director of HKSE-listed AIA, and NASDAQ-listed e-commerce platform Pinduoduo Inc.