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Finance

Grab-Singtel beats Sea to the punch with Singapore digital bank

Virtual lender GXS launches with 'earn interest daily' perk to lure consumers

Grab-Singtel digital bank joint venture GXS promises consumers in Singapore the ability to "earn interest daily." (Photo by Tsubasa Suruga)

SINGAPORE -- One of Southeast Asia's most prolific technology startups and the region's largest telecommunications firm launched their digital banking joint venture in Singapore on Wednesday, becoming the first mover in a high-stakes battle for consumer finances.

Singapore-based superapp developer Grab and telco Singtel announced the rollout of the city-state's newest virtual bank, named GXS, more than a year and a half after winning one of two full digital lending licenses awarded by the Asian financial hub.

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