The Grab-Singtel consortium aims to formally launch its digital bank focusing on serving consumers and small businesses in early 2022, after being selected to set up Singapore’s full digital bank.
Charles Wong, CEO of the Grab-Singtel digital banking consortium, said, “We will redefine banking by building a sustainable business focused on out-serving Singapore with personalised, accessible and trusted financial products.”
In a press statement, Grab says the consortium will set up a dedicated team and fill around 200 roles by end 2021. This will create more opportunities for Singaporeans to take on technology and fintech-related roles, and will train and equip them with the relevant skill sets.
The digital bank will first focus on serving time-starved young PMETs, gig workers with flexible incomes, and micro-SMEs who face limited access to financing.
Grab and Singtel will enable these underserved groups to easily access transparent financial services that are embedded in their everyday activities, helping them achieve a better quality of life. The consortium will do so by drawing on both companies’ extensive experience in meeting the daily essential needs of millions in Singapore.
“We are honoured to have this opportunity to build Singapore’s next-generation digital bank, and open up access to easy to understand and relevant financial services," said Anthony Tan, Group CEO and Co-Founder of Grab.
"With Grab and Singtel’s combined experience in meeting the everyday needs of Singaporeans, as well as our deep tech expertise and data-driven insights, the digital bank will further our goal to empower more people to gain better control of their money and achieve better economic outcomes for themselves, their businesses and families.”
Commenting on the partnership, Yuen Kuan Moon, Singtel’s Group CEO-designate, said, “As a homegrown company, we look forward to contributing to this exciting digital era of finance for Singapore that will drive greater value creation, build new careers and develop a strong Singaporean core of fintech talent for the industry."
Grab and Singtel first formed a consortium in December 2019 to apply for the licence. Grab has a 60 per cent stake in the consortium entity while Singtel holds a 40 per cent stake.