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Singapore to Issue Digital Bank Licences to Grab-Singtel Consortium, Jack Ma’s Ant Group, Tech Giant Sea

On Friday, Dec 4, the Monetary Authority of Singapore (MAS) has announced that it will grant four digital bank licences to Grab-Singtel venture, Jack Ma’s Ant Group and technology firm Sea among others. 

According to Singapore’s central bank, a joint venture by Singtel and Grab as well as an entity owned by Sea Limited will be given two full digital licences while the other two licences will be awarded to China’s Ant Group and a consortium comprising Greenland Financial, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management. 

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