Grab and Singtel, one of the largest telecoms in Singapore, announced today that they are applying for a digital full bank license together. If approved, the license will allow them to offer simple credit and investment products, before progressing to a full-functioning bank if they meet the Monetary Authority of Singapore’s (MAS) criteria. Grab will hold a 60% stake in the consortium, with Singtel holding the other 40%.

Grab and Singtel team up to apply for a digital full bank license in Singapore

Source: – Technology

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