Singtel to partner with Grab for Singapore digital banking license

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FILE PHOTO: A Singtel booth is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga

December 30, 2019

(Reuters) – Singapore Telecommunications Ltd <STEL.SI> said on Monday it would partner with Grab Holdings Inc to apply for a digital full banking license in Singapore.

Southeast Asian ride hailing firm Grab will have a 60% stake in the consortium while Singtel will hold a 40% stake, the telecommunication provider said, with the aim of offering a variety of digital banking services.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Kim Coghill)

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