Grab explores digital-only banking licence in Singapore

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. Securing a digital banking licence in Singapore could help seven-year-old Grab to benefit from its existing data on transport movements, payment transactions and consumer behaviour, the people said. Consultants said a digital banking licence could also appeal to Singapore Telecommunications Ltd (Singtel), which is expanding beyond its traditional carrier services into areas such as mobile payments and cybersecurity. In Hong Kong, affiliates of Alibaba Group Holding Ltd and Xiaomi Corp, and consortia led by Standard Chartered PLC and BOC Hong Kong Holdings Ltd were among those who won the digital-only banking licences. (Reporting by Sumeet Chatterjee in Hong Kong and Anshuman Daga in Singapore; and Alun John in Hong Kong; Editing by Christopher Cushing)Likes