BEAMSTART Logo

Grab and Singtel to set up digital bank in Singapore

Singapore Telecommunications (Singtel) is partnering with Grab to apply for a full digital banking license.


Grab and Singtel to set up digital bank in Singapore | BEAMSTART News

- From our Sponsors -

Update 6 Dec: Grab-Singtel consortium has been awarded a full digital banking license.

Singtel will hold a 40 percent stake in the consortium that will apply for the bank license in Singapore, while Grab will hold the rest.

- Featured Sponsor -

The consortium plans to set up a digital bank targeting so-called digital-first consumers, as well as small and medium enterprises that lack access to credit.

Grab has expanded into financial services across Southeast Asia in partnership with 60 financial institutions including Malayan Banking in Malaysia and United Overseas Bank in Singapore.

Singtel, Asia’s leading communications technology group, has been offering its own mobile payments service in cooperation with regional associates, including in Thailand.

“Together with Grab, we have a formidable set of assets and significant synergies to make banking more accessible and deliver much-needed product simplicity, speed and affordability,” Arthur Lang, chief executive officer of Singtel’s International Group, said.

- From our Sponsors -

BEAMSTART is a Global Community and News Portal for Entrepreneurship. We cover the latest news and bring together a global network of CEOs/founders, Investors, Business Leaders, and Professionals.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).