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Finance

Grab joins forces with Singtel for Singapore digital banking license

SoftBank-backed app aims to expand ecosystem with leading telecom operator

Grab and Singtel could capitalize on their existing customer bases to offer banking services for consumers and businesses in Singapore. (Source photo from Reuters)
KENTARO IWAMOTO, Nikkei staff writer | Singapore

SINGAPORE -- SoftBank Group-backed super app operator Grab said Monday that it has formed a consortium with Singapore Telecommunications, Southeast Asia's largest telecom operator, to apply for a digital banking license in Singapore.

The consortium submitted an application ahead of a Dec. 31 deadline for digital banking licenses that the government plans to issue.

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