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Grab and Singtel to jointly apply for digital full bank licence as application deadline nears

Uma Devi
Uma Devi12/30/2019 11:43 AM GMT+08  • 3 min read
Grab and Singtel to jointly apply for digital full bank licence as application deadline nears
SINGAPORE (Dec 30): Ride-hailing firm Grab Holdings and Singapore’s largest telco Singtel are forming a consortium to apply for a digital full bank licence in Singapore, reported the companies on Monday. 
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SINGAPORE (Dec 30): Ride-hailing firm Grab Holdings and Singapore’s largest telco Singtel are forming a consortium to apply for a digital full bank licence in Singapore, reported the companies on Monday.

According to a joint statement, Grab will own a 60% stake in the consortium entity, while Singtel will own the remaining 40% stake.

The consortium will set up a digital bank to cater to the needs of two groups — “digital-first consumers” who have come to expect greater convenience and personalisation as well as small and medium enterprises (SMEs) which have cited the lack of access to credit as a key pain point.

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