Grab-Singtel venture steps into Singapore's competitive bank sector


FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga

SINGAPORE (Reuters) -GXS Bank, the digital bank joint venture of ride-hailing firm Grab Holdings and Singapore Telecommunications, launched Singapore's first digital bank on Wednesday for the retail market in the affluent city-state.

Nasdaq-listed Grab's rapidly expanding financial services have become a key part of its growth strategy as it seeks to offer banking, digital payments, financing, insurance, food delivery and wealth management services.

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