Grab has been discussing the formation of a consortium with Singapore Telecommunications Ltd. and insurance firm Great Eastern Holdings Ltd., Bloomberg reported last month. Another consortium under discussion involves local tycoon Ron Sim’s V3 Group Ltd., stored-value card maker EZ-Link Pte and property giant Far East Organization Pte, according to a separate Bloomberg report.
SINGAPORE: Grab Holdings Inc. and gaming company Razer Inc. will need to demonstrate how their millions of users can help them generate profits if the two technology firms are to win one of Singapore’s coveted virtual banking licenses.
That’s because the Monetary Authority of Singapore is putting more emphasis on profitability and strong capital requirements than some other regulators inviting fintech firms into banking. Both Grab and Razer have expressed interest in submitting separate bids for one of the five digital banking licenses on offer, part of a government strategy announced earlier this year to strengthen competition in financial services.
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