The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Singapore’s four new digital bank licences embrace Chinese and home-grown potential

China has done very well out of Singapore’s new digital banking regime, with Ant and Tencent both represented. Grab and Singtel fly the local flag.


The Monetary Authority of Singapore (MAS) has announced the successful applicants for its coveted digital bank licences.

Two digital full bank licences have gone to Sea and a consortium of Grab and Singapore Telecommunications (Singtel).

Two digital wholesale licences went to Ant Group and a consortium of Greenland Financial Holding Group, Linklogis Hong Kong and Beijing Co-operative Equity investment Fund Management.

Here are some immediate thoughts on the new licensees.

1. Grab/Singtel is no surprise at all. Any conversation in Singapore about the likely winners – and there have been many of late, in the absence of much else to talk about bar Covid – has typically started with this consortium before moving on to whom the others might be.

It combines Grab, the leading southeast Asian fintech – along with Gojek, with which it is rumoured to be considering a merger – with Singtel, the Singaporean incumbent telco, in a 60:40 mix.

Grab is already a leading player in financial services in Singapore, offering not just digital wallets but lending and insurance; Singtel’s customer base in Singapore is unrivalled. Both institutions are thoroughly entrenched in the everyday lives of Singaporeans.

We expect them to thrive alongside the incumbent banks
Ravi Menon, MAS

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree