Grab and Singtel team up for digital bank license bid

Grab and Singtel will hold a 60% and 40% stake in the consortium, respectively.

Ride-hailing firm Grab and Singtel are forming a consortium to apply for a digital full bank licence in Singapore, the two companies announced.

Grab and Singtel will each hold a 60% stake and 40% stake in the consortium entity, respectively.

Also read: Losses threaten Razer and Grab's digital banking license bids

In a joint news release, the two companies said that they aim to cater to the needs of digital-first consumers and small and medium enterprises (SMEs).

Prior to joining the digital banking fray, Grab and Singtel have separately launched their own digital financial services including Dash, VIA, GrabPay and GrabInsure.