Singapore issues four digital banking licences to Grab, Ant Group, others
An entity wholly-owned by Alibaba Group affiliate Ant Group also won licences, Singapore's banking regulator said on Friday
A venture between Singapore Telecommunications Ltd (Singtel) and ride-hailing leader Grab and Internet consumer company Sea Ltd are among four firms to win Singapore's first digital banking licences, in the city-state's biggest banking liberalisation initiative in two decades.
An entity wholly-owned by Alibaba Group affiliate Ant Group also won licences, Singapore's banking regulator said on Friday, reflecting a regional trend of tapping tech start-ups to shake up often staid financial sectors.