Jofie Yordan · · 1 min readGrab to launch digibank in Malaysia, Indonesia in 2023
Grab aims to roll out its digibank in Malaysia and Indonesia next year, the company said. The announcement follows the launch of GXS Bank, a digibank it formed in partnership with Singtel, in Singapore last month.
Photo credit: Grab
Bank Fama International will serve as the foundation for the digibank it plans to establish in Indonesia. Grab will build the digibank in partnership with Singtel and Emtek Group.
Grab and Singtel previously invested US$70 million in Bank Fama, each getting a 16.26% stake in the bank. In addition, Indonesian conglomerate Emtek Group controls 62.8% of Bank Fama’s shares.
Meanwhile in Malaysia, GXS Bank – a joint venture between Grab and Singtel – won a digital bank license from Bank Negara Malaysia in April. The joint venture will own 55.5% of the proposed digital bank, subject to regulatory approval.
See also: Grab’s financial arm takes center stage at its investor day
Grab was also rumored to be in talks to buy a majority stake in Malaysian banking group AMMB Holdings (AmBank). However, the super app said it could not comment on “rumors or speculations.”
On its recent investor day, Grab announced it is aiming to break even on a group-adjusted EBITDA basis by the second half of 2024. The firm’s digibank operations are also expected to break even by 2026.
Editing by Samreen Ahmad and Arpit Nayak
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