Grab and Singtel partner for digital full bank licence in Singapore
Grab has grown far beyond its ride-hailing roots.
December 30, 2019 / 07:03 PM IST
Ride-hailing company Grab and telecom service provider Singtel are forming a consortium to apply for a digital full bank licence in Singapore. Grab will have a 60 percent stake in the consortium entity while Singtel will hold a 40 percent stake.
Grab and Singtel are committed to contributing to the financial services sector with a differentiated offering that addresses the unmet and underserved needs of consumer and enterprise segments in Singapore, according to a press release issued by the company.
The digital bank will aim to cater to the needs of digital-first consumers, who have come to expect greater convenience and personalisation, and SMEs which cite lack of access to credit as a key pain point.
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.