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Ant, Grab Become First Tech Firms to Run Banks in Singapore

  • Sea, China’s Greenland also won digital banking permits
  • MAS expects winners ‘to thrive alongside the incumbent banks’

Source: AFP/Getty Images

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Ant Group Co. and a venture led by Grab Holdings Inc. won licenses to run digital banks in Singapore, paving the way for the technology giants to expand their financial services in the Southeast Asian hub.

Sea Ltd. is also among the four winners announced Friday by the Monetary Authority of Singapore after almost a year of deliberation. A consortium involving China’s Greenland Financial Holdings Group Co. is the other successful candidate.