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Singapore Telecommunications Ltd (Singtel) is partnering with Southeast Asian ride-hailing firm Grab Holdings Inc to apply for a digital full banking licence in Singapore, the two companies said on Monday.
The pair in a joint statement said they will establish a consortium with Grab owning 60 per cent and Singtel holding the remainder, with the aim of offering a variety of digital banking services.
The move comes as Singapore’s biggest liberalisation of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and therefore offer different services than those of traditional lenders such as DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd.
Singtel, the region’s largest telecom operator, and Grab are among the best-known names in Southeast Asia and both have been expanding outside their traditional businesses.
Singtel has been pushing into areas such as mobile wallets and online gaming, while Grab has expanded into food delivery and a range of financial services.
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