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Roehl Niño Bautista · · 1 min readGrab-Singtel venture files for Malaysian digital bank license
“Singtel has applied for a digital bank license in Malaysia through its joint venture with Grab, together with a consortium of other investors,” reported Business Times.
Details:
- Bank Negara Malaysia, Malaysia’s central bank, is issuing up to five digital banking licenses by 2022.
- The Grab-Singtel venture previously received a digital banking license in Singapore.
Context:
- Malaysia’s unbanked population is estimated at around 8% according to a Bank Negara Malaysia document.
- Earlier this week, iFAST Corporation announced that it is joining the digital bank license bid in Malaysia, said a Business Times report.
Editing by Miguel Cordon and Jaclyn Tiu
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