MAS has announced that Grab-Singtel (Stock Quote: Z74.SGX) Consortium is one of the two Digital Full Banks alongside with video game development company Sea Ltd (Stock Quote: SE.NYSE)
The consortium has appointed Mr Charles Wong, Citigroup’s former retailing head in Singapore as CEO and will fill up around 200 roles by end 2021.
The consortium will focus on serving consumers and small businesses, starting with 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.
Mr Wong, CEO of the Grab-Singtel digital banking consortium, said, “An opportunity such as today, where we are entrusted to develop a digital bank from scratch, is truly rare. We will redefine banking by building a sustainable business focused on out-serving Singapore with personalised, accessible and trusted financial products. Customers from multiple segments, including the underserved and underbanked, will be able to have their financial needs met seamlessly, powered by our next-generation cloud technology and data platform.”
The digital bank is a natural extension of the Grab Financial Group as well as the mobile financial business of Singtel, with the aim of enabling wider access to financial services. It will also draw on the combined experience of both companies in having already built a successful regional fintech ecosystem in highly regulated environments, offering digital financial services across payments, insurance, lending and investing.