Grab, Southeast Asia's most valuable start-up, is exploring a move into Sin...
HONG KONG/SINGAPORE - Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said.
Singapore-headquartered Grab’s interest in what would be its first foray into banking has not been reported before.When asked for a response, the Monetary Authority of Singapore referred Reuters to its comments issued last month when it said it was studying the potential for allowing “digital-only banks with non-bank parentage” into its market.
Securing a digital banking license in Singapore could help seven-year-old Grab to benefit from its existing data on transport movements, payment transactions and consumer behavior, the people said.Global fintech players are among other groups expected to seek licenses in Singapore, with some of them looking to form joint ventures, said two of the people.
In Hong Kong, affiliates of Alibaba Group Holding Ltd and Xiaomi Corp, and consortia led by Standard Chartered PLC and BOC Hong Kong Holdings Ltd were among those who won the digital-only banking licenses.
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