Grab looks for Singapore banking license  

December 30, 2019 | Banking
Written by FinTech Alliance

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Grab
Grab looks for Singapore banking license  

Grab and Singtel are applying for a digital full bank license together.

In Brief:

  • The companies announced this on Monday in a joint statement.

  • Grab and Singtel will form a consortium with 60% and 40% respectively.

  • This will allow the companies to serve retail customers and lend money.

What does this mean?

The ride-hailing business and telco are coming together to serve digital-first customers, and will have a keen focus on SMEs. The Monetary Authority of Singapore has five licenses up for grabs at the moment, with applications closing on Tuesday.

Read more here.

 

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