GFG Senior Managing Director Reuben Lai said, “We are delighted to draw upon the expertise of top investors who know financial services and Fintech well so that we can continue to build and open up access to affordable and transparent financial services for millions of underserved people and small businesses, and make inroads into financial inclusion in the region.”
Relatedly, Grab’s consortium with telco conglomerate SingTel was one of two entities awarded full digital bank licenses in Singapore last December. The consortium intends to formally launch its digital bank in early 2022.
Grab is also eager to set up a digital bank in Malaysia. Last week, Bank Negara Malaysia (BNM) officially opened the application period for digital banks, and so we’ll have to see if that happens.