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Grab, Singtel Team Up on Singapore Digital Bank License Bid

  • Grab to hold 60%, Singtel 40% in venture for digital banking
  • Bids for the new virtual banking licenses due by end of 2019
Bloomberg business news
Grab, Singtel to Team Up to Bid for Singapore’s Digital Bank License
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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.