Grab-Singtel and Ant Group win digital bank licenses in Singapore

Singapore on Friday granted four firms, including Ant Group and Grab, licenses to run digital banks in the Southeast Asian country, in a move that would allow the tech giants to expand their financial services offerings.

The nation’s central bank, Monetary Authority of Singapore (MAS), said it applied a “rigorous, merit-based process” to select a strong slate of digital banks. As these digital banks start their pilot operations, MAS said it will review whether more companies could be granted this license.

A total of 21 firms, including TikTok-parent firm ByteDance, had applied to get a digital license, of which 14 met the eligibility criteria, MAS said. Tech giants see a major opportunity in expanding to financial services as a way to supercharge…

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