Grab will have a 60% stake in the consortium entity whereas Singtel will hold a 40% stake
Grab partners fintech company to get digital banking license. Source: shutterstock.com
Grab and Singtel, Asia’s communications technology group, announced the formation of a consortium to apply for a digital full bank license in Singapore.
Grab and Singtel aim to provide the financial services sector with a differentiated offering that meets the underserved needs of Singaporean consumers and enterprises.
There are a lot of digital-first consumers, who have come to expect greater convenience and personalization as well as SMEs which cite a lack of access to credit. This way, the consortium will offer relevant products and services to become a trusted partner for consumers and enterprises.
Grab and Singtel have been driving innovation and financial inclusion with their services including Dash, VIA, GrabPay, and GrabInsure.?The consortium is going to create a digital-first and easy-to-use model of banking, using Grab’s and Singtel’s digital capabilities and insights from operating customer-centric businesses.
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