Mon. May 23rd, 2022

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Grab-Singtel venture applies for digital bank licence in Malaysia

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SINGAPORE (THE BUSINESS TIMES) – Singtel has applied for a digital bank licence in Malaysia through its joint venture with Grab, together with a consortium of other investors, announced Singapore’s largest telco on Thursday.

Citing guidance provided by Bank Negara Malaysia, Singtel said the country’s central bank will issue up to five digital bank licences by the first quarter of next year.

In December last year, the Grab-Singtel consortium and consumer Internet company Sea bagged two of Singapore’s digital full-bank licences up for grabs.

In the race which saw a total of four licences awarded, two digital wholesale bank licences were clinched by China’s Ant Group, and a consortium comprising China’s Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management.

A total of four digital banks are expected to emerge onto Singapore’s banking scene from early 2022.

Singtel shares closed one cent, or 0.4 per cent, higher at $2.29 on Wednesday.

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