Ant, Grab win Singapore digital bank licenses along with Sea

Digital banks will not have a physical presence and all banking services will be done online. - The Straits Times/Asian News Network

SINGAPORE, Dec 5 (Bloomberg): Ant Group Co and a venture led by Grab Holdings Ltd and Singtel won licenses to run digital banks in Singapore, paving the way for the technology giants to expand their financial services in the South-East Asian hub.

Sea Ltd. is also among the four winners announced Friday by the Monetary Authority of Singapore after almost a year of deliberation. A consortium involving China’s Greenland Financial Holdings Group Co is the other successful candidate.