Grab, Singtel Join Singapore’s Digital Bank Battle Next Week
- Their venture GXS begins offering a savings app on Sept. 5
- Singapore is vying with Hong Kong to become a fintech hub
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Grab Holdings Ltd. and Singapore Telecommunications Ltd. plan to roll out a banking app next week, joining tech giants like Jack Ma’s Ant Group Co. in taking advantage of the country’s fintech liberalization.
Called GXS, the bank will start by offering a savings account from Sept. 5 and envisions expanding into credit products over time. It will begin by targeting younger users and the gig economy workers that underpin Grab’s car-hailing and meal delivery services, according to a statement.