Exclusive: Grab eyes Singapore banking license as regulator studies virtual banks - sources [Reuters (UK)]
SINGAPORE TELECOM S/ADR (SGAPY)
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Source: Reuters
Exclusive: Grab eyes Singapore banking license as regulator studies virtual banks - sources - Reuters 4 Min Read HONG KONG/SINGAPORE (Reuters) - Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said. Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up to apply for a digital-only bank license in Singapore if the banking regulator decides to open up the sector, said the people, who declined to be identified as they were not authorized to speak to the media. Singapore-headquartered Grab’s interest in what would be its first foray into banking has not been reported before. Grab declined comment. When asked for a response, the Monetary Authority of Singapore (MAS) referred Reuters to its comments issued last month when it said it was studying the potential for allowing “digital-only
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