On Dec 4, 2020, the Monetary Authority of Singapore (MAS) announced the successful applicants for two digital full bank (DFB) licenses are a joint-venture comprising a duo, Grab Holdings and Singapore Telecommunications (Singtel), and Sea (formerly known as Garena, which is now the name of its gaming unit).

The conditions that MAS had outlined to qualify included a five-year financial projection which must show a path towards profitability. The assumptions of the financial projection must be reviewed by an external and independent expert, MAS added.

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