A Singtel booth seen at the Money 20/20 Asia Fintech Trade Show in Singapore in March. On Monday (Dec 30), Online giant Grab and Singtel said they are teaming up to apply for a full digital banking license before the year-end deadline. - Reuters
SINGAPORE: The large number of Singaporeans still without good access to financial services will be key to creating a successful digital bank in the country, according to executives from Grab Holdings Inc and Singapore Telecommunications Ltd.
On Monday (Dec 30), Grab and Singtel said they are teaming up to apply for a full digital banking license before the year-end deadline, jumping aboard a Singapore government initiative to attract technology firms into its financial sector to stimulate innovation and competition. The move brings together one of South-East Asia’s largest operators of online businesses from food delivery to car-hailing with Singapore’s largest telecommunications firm.
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