Grab targets virtual banking license in Singapore

An opportunity arises for Grab Financial in Singapore.


Grab targets virtual banking license in Singapore

The Monetary Authority of Singapore (MAS) is now considering to issue its own online-only banking licenses, aiming to start admitting digital banks in the coming months. With that development, Southeast Asia’s super app Grab is considering a move into online banking in Singapore, Reuters reports.

Earlier this year, at the Money 20/20 event in Singapore, Grab announced its “Grow with Grab” roadmap, outlining a plan to extend its slew of digital financial services including payment features for small and medium enterprises, loans for small businesses, and bite-sized insurance packages.

In an interview with KrASIA, Ankur Mehrotra, the head of Grab Financial, said that the company recognizes financial services has a market potential that is 20 times that of ride-hailing.

Last September, Grab received its e-money license from Bangko Sentral ng Pilipinas (BSP), giving the company flexibility to expand its financial services in the Philippines.