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

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.

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.

BEAMSTART is a Hub for Startup News, Business Networking, and Entrepreneurial Resources. Expand your network, discover new possibilities, and tap into a vast database of resources that can help you go further in your business and career.


Download the App

The app for business networking and startup resources. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

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