New digital banking offer on the cards for Singapore

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Partnership between Singtel and Grab to apply for license from the Monetary Authority of Singapore
  • New banking offer will provide a range of services to people in the region – although this is not a first-time collaboration
  • “We are excited to partner with Singtel, a well-respected brand in Singapore and the region”, said a Grab spokesperson in a statement

A pair of big names on the technology scene in Singapore are set to work together to create a fresh digital banking offer for people in Singapore.

The move from telecoms firm Singtel and “super app” Grab, which offers a range of functions, will see them apply to the Monetary Authority of Singapore for a license to operate in the country.

The new offer, which is designed to appeal directly to “digital-first” customers, looks set to change the online money transfer scene in the country if approval is granted.

Together, the pair of firms will offer a large range of banking services for both consumers and small to medium-sized enterprises.

This is far from the first time that the pair have worked together to deliver financial services, however.

They have worked together before on a range of other offerings including GrabPay and Dash.

In a statement, Reuben Lai – who is the senior managing director at Grab Financial Group – described the new proposal as a “customer-centric digital bank”.

“The core of Grab’s mission has always been to solve everyday challenges and unlock economic potential in Southeast Asia”, he said.

“In the past two years, we have launched and scaled financial services such as e-money, lending and insurance distribution into Southeast Asia’s largest fintech ecosystem.

“The natural next step is to build a truly customer-centric digital bank that will deliver a variety of banking and financial services that are accessible, transparent and affordable.”

He also spoke of his excitement at the firm’s partnership with Singtel, which he said would “empower” users.

“We are excited to partner with Singtel, a well-respected brand in Singapore and the region, to provide a more bespoke service experience that will empower our users to save more, grow their wealth and transact seamlessly”, he said.

For Singtel’s International Group, Arthur Lang – who serves as CEO of Singtel’s International Group – described the move into the “digital banking space” as a “natural extension” to the firm’s current work.

“Singtel has always been an enabler of change. We’re excited by the opportunity to move into the digital banking space, which is a natural extension of the mobile financial services that we are already offering to our large base of customers”, he said.

“Just as we’ve been building an ecosystem of digital services to improve the way customers live, work and play, we want to fundamentally change the way consumers and enterprises bank.”

For more information about remittance services such as this one and how they are shaping the payment sector, please check out our magazine pages.


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