Grab-Singtel, Sea, and Ant Group can now run Digital Banks in Singapore.

The companies received digital banking licenses from Singapore's government last Friday.

Grab-Singtel, Sea, and Ant Group can now run Digital Banks in Singapore. | BEAMSTART News

Grab-Singtel, Sea GroupAnt Group, and Greenland Financial consortium have successfully obtained digital banking licenses from the Monetary Authority of Singapore (MAS).

A total of 21 firms applied for the digital banking license, where only 4 firms were selected based on a "rigorous, merit-based process”, according to MAS. 

Singapore's Central Bank - Monetary Authority of Singapore (MAS).

Grab-Singtel and Sea received digital full banking licenses, allowing them to take deposits and provide banking services to both retail and corporate customers.

Ant Group and Greenland Financial consortium however, received digital wholesale banking licenses, allowing them to only provide services to non-consumer segments, such as small and medium-sized businesses.

All companies will not be required to have a physical presence.

“We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said MAS MD Ravi Menon in a statement. 

Please log in to read this article.

Join the BEAMSTART Community today and enjoy the following:

  • Get access to members-only content.
  • Expand your network and exchange messages with other members.
  • Promote your company, post up jobs, find customers, and raise funds.
  • Receive special invitations to upcoming events and community activities.
  • and lots more!


Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia



Monetary Authority of Singapore

MAS is the central bank of Singapore


Grab is your everyday everything app.



Ant Group

World's highest-valued FinTech company



Have a company of your own? Create a company profile today and easily find customers, raise funds, or hire talent.

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).