Grab will have a 60% stake in the consortium entity whereas Singtel will hold a 40% stake
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.