Grab-Singtel, Sea, and Ant Group can now run Digital Banks in Singapore.

The companies received digital banking licenses from Singapore's government last Friday.


Alfred Lee

6 Dec, 2020

Grab-Singtel, Sea, and Ant Group can now run Digital Banks in Singapore. | BEAMSTART News

Grab-Singtel, Sea GroupAnt Group, and Greenland Financial consortium have successfully obtained digital banking licenses from the Monetary Authority of Singapore (MAS).

A total of 21 firms applied for the digital banking license, where only 4 firms were selected based on a "rigorous, merit-based process”, according to MAS. 

Singapore's Central Bank - Monetary Authority of Singapore (MAS).

Grab-Singtel and Sea received digital full banking licenses, allowing them to take deposits and provide banking services to both retail and corporate customers.

Ant Group and Greenland Financial consortium however, received digital wholesale banking licenses, allowing them to only provide services to non-consumer segments, such as small and medium-sized businesses.

All companies will not be required to have a physical presence.

“We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said MAS MD Ravi Menon in a statement. 

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Founding Team Member: Sales

Corgi

Illinois,

Full Time

USD 70000 — USD 150000 yearly

Product Lead - AI Platform

Vahan

Karnataka,

Full Time

USD 5000000 — USD 8000000 yearly

Senior Fullstack Engineer

Laylo

Full Time

USD 100000 — USD 175000 yearly

AI-Native Engineer (Frontend/Full-stack)

Pincites

California,

Full Time

USD 135000 — USD 185000 yearly

Product Engineer (AI)

ClaimSorted

England,

Full Time

USD 69998 — USD 150000 yearly

Founding Engineer — Medical AI Agents

Dench.com

New York,

Full Time

USD 100000 — USD 200000 yearly

Software Engineer

Agave

California,

Full Time

USD 130000 — USD 240000 yearly

Business Operations

Giga

California,

Full Time

USD 100000 — USD 130000 yearly

Founding Private Equity Strategist

Keye

New York,

Full Time

USD 150000 — USD 250000 yearly

Product Engineer (Remote)

Downtobid

Full Time

USD 90000 — USD 150000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).