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Grab targets virtual banking license in Singapore

An opportunity arises for Grab Financial in Singapore.

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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.