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Grab eyes Singapore banking licence as regulator studies virtual banks

Reuters
Reuters6/14/2019 08:00 AM GMT+08  • 3 min read
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.
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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.

Singapore-headquartered Grab’s interest in what would be its first foray into banking has not been reported before. Grab declined to comment.

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