Ant, Grab's venture and Sea to usher in Singapore digital banking
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SINGAPORE - Southeast Asian ride-hailing firm Grab’s venture with Singtel and internet platform company Sea Ltd have each won licences to run Singapore’s first digital banks, in the city-state’s biggest banking shakeup in two decades. Singapore’s movAnt, Grab's venture and Sea to usher in Singapore digital banking
SINGAPORE - Southeast Asian ride-hailing firm Grab’s venture with Singtel and internet platform company Sea Ltd have each won licences to run Singapore’s first digital banks, in the city-state’s biggest banking shakeup in two decades. Singapore’s move to herald newer players including Alibaba Group affiliate Ant Group and a consortium comprising China’s Greenland Financial Holding Group comes as Asian regulators tap tech firms to shake up their often staid markets. Singapore’s criteria, which included local control and S$1.5 billion in paid-up capital for full digital banking, was stricter than its main financial rival Hong Kong, which has issued eight digital licences. “Digital banks will need to contend with an uncertain economic environment, low interest rates and competitive responses from the incumbent banks and other financial services players,” said Wong Nai Seng, a partner at Deloitte, who worked at Singapore’s central bank for 17 years. Read more