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Grab confirms application for Singapore banking license to tap SMEs and 'gig' workers

Super app plans to become 'largest fintech ecosystem in Southeast Asia'

Grab has diversified its businesses from ride-hailing to food delivery to financial services to be more profitable.   © Reuters

SINGAPORE -- SoftBank Group-backed unicorn Grab will submit an application for a digital banking license in Singapore, the company has confirmed, as it sees the financial businesses as a driver for future growth.

If Grab successfully obtains the license, consumers as well as small and medium-sized businesses would have access to deposit, lending and other financial services -- a major step toward becoming the leading tech company position in Southeast Asia.

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