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.


Alfred Lee

6 Dec, 2020

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. 

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Machine Learning Intern

Morph

California,

Internship

USD 6000 — USD 10000 yearly

Forward Deployed Software Engineer

Simple AI

California,

Full Time

USD 100000 — USD 140000 yearly

Customer Success Manager

Storylane

Full Time

USD 50000 — USD 120000 yearly

Founding Senior BDR in SF

Hyperbound

California,

Full Time

USD 120000 yearly

Founding Software Engineer

Waypoint Transit

California,

Full Time

USD 120000 — USD 170000 yearly

AI Forward Deployed Engineer - Member of Technical Staff

Harper

California,

Full Time

USD 140000 — USD 230000 yearly

Founding Engineer - Hardware & Chip Design

Exa Laboratories

California,

Full Time

USD 150000 — USD 300000 yearly

Founding Engineer — AI Research Agents (Full-Stack)

Sixtyfour

California,

Full Time

USD 120000 — USD 200000 yearly

Founding Engineer

Miracle

California,

Full Time

USD 130000 — USD 190000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).