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Ant Group and Grab win Singapore digital banking licenses

E-commerce group Sea also obtains a permit in Asian financial hub

China's Ant Group, and a consortium comprising Grab and Singtel were granted digital banking licenses from Singapore's central bank. (Source photos by Ken Kobayashi and Reuters) 

SINGAPORE -- Chinese fintech giant Ant Group and a consortium including Grab and Singapore Telecommunications were among the four groups to receive digital banking licenses from Singapore's central bank, gaining a path to offering a variety of services as well as a boost to their fintech credentials. 

The other winners announced on Friday by the Monetary Authority of Singapore are the country's e-commerce and gaming group Sea and a consortium that includes China's Greenland Financial Holdings.

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