Grab, Singtel team up on Singapore digital bank license bid

For Grab, a digital banking business complements its growing suite of services built atop a ride-hailing platform that’s expanding regionally. — AFP

Grab Holdings Inc is partnering with Singapore Telecommunications Ltd to apply for a full digital banking license, jumping aboard a Singapore government initiative to attract technology firms into its financial sector.

A Grab entity will own a 60% stake in the consortium that will apply for the bank license in Singapore, while the telco known as Singtel will hold the rest, according to a joint statement. The consortium plans to set up a digital bank targeting so-called digital-first consumers, as well as small and medium enterprises that lack access to credit.