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.