Grab to Team Up With Singtel for Singapore Digital Bank License

Grab Singtel

Singapore based ride-hailing company Grab revealed today that it is going to join hands with telecommunication giant Singtel and then appeal for a digital full bank license. Grab announced that it is going to form a consortium with Singtel and the former will have a 60% stake. Singtel will own a 40% stake in the venture.

In a joint statement, the companies revealed that the digital bank will primarily serve small and medium-sized enterprises, which do not always have access to credit.

Grab is mainly known for its ride-hailing business, but over the past few years, it has branched out into a range of businesses. Over the past three years, Grab has launched plenty of financial services products in the South East Asian region.

In a statement, the senior managing director of Grab Financial Group, Reuben Lai, spoke about the developments. He said,

In the past two years, we have launched and scaled financial services such as e-money, lending, and insurance distribution into Southeast Asia’s largest fintech ecosystem.

MT: Grab to Collaborate With Singtel and Apply for a Digital Full Bank License

MD:  Ride-hailing company Grab to associate with telecommunication giant Singtel and then plans to apply for a digital full bank license.

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