South-East Asian ride-hailing behemoth Grab is among a eclectic group of 21 applicants vying for five digital banking licences, Singapore's central bank and financial regulator said this month. — AFP
SINGAPORE: Singapore is opening up its banking industry to digital lenders in a reform that could shake up the sector across South-East Asia, with Chinese billionaire Jack Ma and ride-hailer Grab among those seeking licences.
Traditional banks are being challenged by a new generation of online-only competitors that can offer better savings and borrowing rates, as they don't need to spend money on overheads such as physical branches.
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