Grab eyes Singapore banking licence as regulator studies virtual banks

SINGAPORE (June 17): Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the city state consider allowing online-only banks into its market, four people with knowledge of the process say.

Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up to apply for a digital-only bank licence in Singapore if the banking regulator decides to open up the sector, say the people, who declined to be identified, as they were not authorised to speak to the media.