Grab and Singtel Jointly Apply for Digital Bank License in Singapore
Posted on 12/30/2019
Singapore-based ridesharing app Grab is backed by Japan’s SoftBank Group Corporation. Grab formed a joint entity with Singapore Telecommunications (Singtel) to apply for a digital banking license in Singapore. Grab will own a 60% stake in the venture, while Singtel will own 40%. The banking license will allow Grab and Singtel to take deposits and lend money. The parties will know if their application is approved by the middle of 2020.
Grab has evolved from a ridesharing app to offer food delivery and digital payments. Grab offers GrabPay, while Singtel has an app called Dash.
Grab was formerly known as MyTeksi and GrabTaxi. In March 2018, Grab got control of the Southeast Asian operations of Uber Technologies, consolidating control. In November 2018, Grab invested capital in Indonesian conglomerate Lippo Group’s Ovo platform, a digital payments platform.
Keywords: Grab Holdings Inc.
