Singtel’s big commitment to Grab digibank venture

New business: Singtel logos, previously stylised as SingTel, are displayed outside its building in Singapore. Its joint venture with Grab Holdings to start a digital bank in Singapore is a strong candidate for a full digital banking licence. — AFP

SINGAPORE: Singapore Telecommunications Ltd (Singtel) might have to commit more than S$600mil (US$440mil) to its joint venture with Grab Holdings Inc that wants to start a digital bank in Singapore, according to DBS Group Holdings Ltd.

The venture “is a strong candidate for a full digital banking licence, ” DBS analyst Sachin Mittal wrote in the report published yesterday.