Singapore’s largest telecommunications company and its partner Digibank Grab, have applied for a digital banking license in Malaysia.
Singtel did the announcement on the Singapore Stock Exchange, adding that the application was made together with a consortium of other investors.
Based on guidelines from Bank Negara Malaysia, Singtel said the country’s central bank is expected to issue up to five digital banking licenses in the first quarter of next year.
The Grab-Singtel consortium was one of the winners of the Singapore full bank digital tender last year. The local central bank has given the green light to the consortium to operate a digital bank in Singapore.
The other group that acquired the bid to obtain a full digital banking license was Sea Group, a consumer Internet company. These digibanks are expected to enter the Singapore banking scene early next year.
There are also two other groups that received digital wholesale banking licenses: Ant Group of China and a consortium formed by Greenland Financial Holdings of China, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management.
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Featured Image Credit: Reuters / Singtel