The Business Times
SUBSCRIBERS

Singtel's digital bank bid is also a push for reinvention

Grab-Singtel entity's plans include lending, insurance, wealth management

Published Tue, Nov 17, 2020 · 09:50 PM

Singapore

SINGTEL sees its digital bank bid as a timely push for reinvention by the heavyweight telco in Singapore and the region.

That comes as it and Grab are clear on the gravity weighing on their digital banking venture, said Arthur Lang, chief executive officer of Singtel's international business.

"It's not an experiment, this is the real deal," he told The Business Times in an interview.

Just two digital full-bank licences are up for grabs in Singapore - unlike in Hong Kong or the UK - with results expected soon. If awarded, the Grab-Singtel digital bank will lend a boost to a business that needs to "consistently change and transform".

"There's always the risk that our telco business will be commoditised and, as a result…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here