Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

Singtel and Grab has partnered to start a digital bank in Singapore

Singtel and Grab has partnered to start a digital bank in Singapore

Singtel, one of the largest mobile operators in Singapore, has made an announcement that it is steadily progressing with its digital bank plan.  Grab, a popular ride-hailing service provider in Singapore, has partnered with Singtel to be a part of the new initiative. Sachin Mittal, a Singapore-based analyst, stated that the new joint venture is all set to compete for a fully digital banking license. A fierce competition is happening in Singapore’s banking space because the Monetary Authority of Singapore is willing to give two full licenses to set up consumer digital banks. There is speculation that Singtel has pledged over $400mn for the digital banking effort, and Grab is currently holding close to 60 percent stake in this venture.

 Charles Wong was brought on board as the managing director in April for the bank venture, and it must be noted that Wong is an industry veteran with 20 years of experience in banking with Citi. Mittal added that if a company managed to get the license, then it definitely has the potential to grab a 2-4 % share in the market by default. Singapore’s banking sector is witnessing immense growth, so this is the right time for establishing a digital bank. 


Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...