The consortium plans to set up a digital bank targeting so-called digital-first consumers, as well as small and medium enterprises that lack access to credit. For Grab, a digital banking business complements its growing suite of services built atop a ride-hailing platform that is expanding regionally. It set up the Grab Financial Group last year, which, among other things, provides digital payments services and personal loans. Singtel has delved deeper into financial services as growth in its core telecoms business plateaus in an uncertain economy. Digital banking is a natural extension of the company’s existing mobile financial services, Singtel’s International Group CEO Arthur Lang said.

Source: Taipei Times December 30, 2019 15:56 UTC