SINGAPORE: GXS Bank, the digital bank joint venture of ride-hailing firm Grab and Singtel, launched Singapore's first digital bank on Wednesday (Aug 31) for the retail market. Nasdaq-listed Grab's rapidly expanding financial services have become a key part of its growth strategy as it seeks to offer bankin
SINGAPORE: GXS Bank, the digital bank joint venture of ride-hailing firm Grab and Singtel, launched Singapore's first digital bank on Wednesday for the retail market.
Grab and tech firm Sea secured"digital full bank" licences in December 2020, allowing the Singapore-based companies to directly take deposits and offer services locally to retail as well as corporate customers. GXS has a potential market of around 3 million customers in Singapore under the Grab and Singtel ecosystem, Wong said at the launch.
Chin's Ant Group and a consortium comprising Greenland Financial Holdings and others received digital wholesale banking licences, enabling them to serve large clients such as financial institutions and corporates.A GXS-led consortium in April obtained a, three months after Grab and Singtel bought a 16.3 per cent stake each in PT Bank Fama International to pursue banking opportunities in Indonesia.
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