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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
Representative image

Representative image

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.
Moneycontrol News
first published: Dec 30, 2019 07:03 pm

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