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Aya Lin · · 1 min readIn brief: Grab reportedly planning for Singapore digital banking license
- Grab is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process told Reuters.
- The startup is close to hiring a consultancy to advise it and is preparing to apply for a digital-only bank license if the Monetary Authority of Singapore (MAS) decides to open up the sector, said the sources.
- MAS could make a decision in the next couple of months on whether to admit what it calls “digital-only banks with non-bank parentage” as well as on the eligibility applicants, according to the people.
Editing by Eileen C. Ang
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