Grab, Singtel aim to be mainstream digital bank without the cash burn
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THE new digital full bank in Singapore proposed by Grab Holdings and Singtel will shy from cash burn, while driving down the cost to target those deemed "underbanked" in this matured market, senior executives from Grab and Singtel said on Monday.
Grab and Singtel on Monday said they will apply jointly for a digital full bank licence via a consortium, with Grab holding a 60 per cent stake in the entity, and the telco giant holding the remaining 40 per cent.
This proposed digital full bank from two of the biggest new names to step into the banking arena here is meant to be "sustainable", in line with the Singapore regulator's objective of preventing any bank failure with its latest liberalisation move - even if the bank wears a new digital skin.
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