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Grab Gets Malaysia Digital Bank License as 5 Bids Win

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Grab Holdings Ltd., an RHB Bank Bhd. consortium and a group involving Sea Ltd. were granted licenses to run digital banks in Malaysia, providing the firms with a way to tap into the booming e-commerce market.

AEON Financial Service Co. and KAF Investment Bank -led ventures were also among the five successful applications announced Friday by the Malaysian central bank. Southeast Asian ride-hailing operator Grab’s successful bid included its partners Singapore Telecommunications Ltd. and Kuok Brothers Sdn. Bhd., which is part of tycoon Robert Kuok’s Kuok Group.