Grab, Singtel team up to apply for Singaporean digital banking license

Maria Nikolova

Grab will have a 60% stake in the consortium which will apply for a digital full bank licence in Singapore, whereas Singtel will hold a 40% stake.

Super app Grab Holdings Inc and Asia’s leading communications technology group Singtel today announce the establishment of a consortium to apply for a digital full bank licence in Singapore. Grab will have a 60% stake in the consortium, wheras Singtel will hold a 40% stake.

The digital bank will aim to cater to the needs of digital-first consumers, who expect greater convenience and personalisation, and SMEs which cite lack of access to credit as a key pain point.

The consortium will offer relevant products and services and aims to become a trusted partner for consumers and enterprises; embedding banking and financial services seamlessly into the everyday lives of Grab and Singtel’s large, highly-engaged base of customers.

Over the past several years, Grab has grown far beyond its ride-hailing roots. Since first introducing the GrabPay wallet in 2016 and launching Grab Financial Group in 2018, it has built solutions in payments, rewards, lending and insurance. This experience has allowed Grab to better understand the needs of the unbanked and underbanked segments of Southeast Asia, offering them innovative services that accelerate financial inclusion.

Both strong and trusted brand names in Singapore and the region, Grab and Singtel have been driving innovation and financial inclusion with their respective financial services including Dash, VIA, GrabPay and GrabInsure.

Let’s recall that, in August this year, the Monetary Authority of Singapore (MAS) announced it will commence accepting applications for new digital bank licences.

The new digital bank licences, which will be extended to non-bank players, are set to ensure that Singapore’s banking sector continues to be resilient and competitive. Digital full banks will be allowed to take deposits from and provide a wide range of financial services to retail and non-retail customer segments, while digital wholesale banks will be permitted to serve SMEs and other non-retail segments. These new digital banks are in addition to any digital banks that Singapore banking groups may already establish under MAS’ existing regulatory framework.

Read this next

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

blockdag

Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

Fundamental Analysis, Tech and Fundamental, Technical Analysis

GBPCAD Technical Analysis Report 14 June, 2024

GBPCAD currency pair can be expected to fall further toward the next support level 1.7250, former strong resistance from last year.

Digital Assets

Binance acquitted of tax evasion in Nigeria, now faces AML charges

Nigeria has dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the world’s largest cryptocurrency exchange appointed a local representative to handle court processes related to the allegations.

Digital Assets

Trezor launches new hardware wallet ‘Safe 5’ with fresh security features

Crypto hardware wallet manufacturer Trezor announced on Friday the launch of its latest flagship product, the Trezor Safe 5, featuring upgraded security to promote self-custody of digital assets.

Institutional FX

Tradeweb enhances RFQ trading in bonds and ETFs

“Clients can now leverage predictive analytics and data to unveil deeper insights at the list level, providing them with an unparalleled level of precision throughout every point of the RFQ trading process.”

Industry News

US repatriates $1.4B misappropriated 1MDB funds to Malaysia

1MDB was created to promote economic development in Malaysia, but instead it went to Hollywood, a superyacht, a Monet and Van Gogh, as part of a $4.5 billion money laundering scheme.

Crypto Insider, Web3

What’s New in Web3 in 2024

Is Web3 really the future of the internet? It certainly seems so. In 2024, the momentum behind decentralized technologies, blockchain, and token-based economies will be stronger than ever.

<