Singapore-based e-hailing company Grab is currently reviewing the exposure draft for the Licensing Framework for Digital Banks released by Bank Negara Malaysia on Dec 27 last year to understand the requirements for digital banking in the country. Grab is one of the non-bank players that have expressed interest in applying for a virtual bank licence in Malaysia. In Singapore, the company has formed a consortium with communications technology group Singtel to apply for a full digital bank licence. The natural next step is to build a truly customer-centric digital bank that will deliver a variety of banking and financial services that are accessible, transparent and affordable,” says Reuben Lai, senior managing director of Grab Financial Group. Over the last six months alone, there was a 120% increase in GrabPay users.

Source: The Edge Markets January 22, 2020 09:56 UTC