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Finance

Singapore paves way for digital disruptors to become banks

Up to 5 licenses to be issued, with Grab among potential contenders

The Kolam Ayer bridge stretches over the Kallang River in Singapore. The city-state is opening the way for more digital banks.   © Reuters
KENTARO IWAMOTO, Nikkei staff writer | Singapore

SINGAPORE -- The Monetary Authority of Singapore, the city-state's central bank, on Friday said it will issue up to five new digital banking licenses, opening the sector to newcomers like ride-hailing startup Grab.

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