From Grab to Ant, Singapore’s digital bank race picks up pace FMTNews FMTBusiness
SINGAPORE: Digital banking is accelerating in Singapore as deregulation encourages tech companies like Grab to enter the market in hopes of attracting younger customers and small businesses.
GXS is targeting so-called gig economy workers like those who deliver meals or give commuters rides via the Grab app.There are no minimum balance or account maintenance fees.The partners have a combined local customer base of more than three million and can gather reams of data that will tell it what their account holders like to eat, where they commute and how much they use their mobile phones.
It also announced a digital wholesale banking licence, with plans to issue up to five of the new licences in total.In South Korea, internet giant Kakao got into banking in 2017, and Hong Kong issued digital banking licences in 2019. In the end, the Grab-Singtel consortium and Singaporean e-commerce player Sea were granted digital full banking licences.GXS provides services to selected Grab and Singtel clients, while Sea is rolling out on an invite-only basis.Lingering regulations aimed at ensuring digital banks’ financial stability are behind the slow rollout.The government has yet to announce when full-scale services will be permitted.
Ant’s digital-only Anext Bank allows companies registered in Singapore to open an online corporate account in an instant, even from overseas, a first in the city state, the bank says. In one estimate, about 80% of Asia’s cross-border e-commerce services are operated by small to medium-size enterprises, many of which lack ready access to financial services.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Villa grab gritty 2-0 win away at EvertonGoals from Ollie Watkins and Emiliano Buendia secured the win for Aston Villa.
Read more »
Soccer-Aston Villa grab gritty 2-0 win away at EvertonLIVERPOOL, England (Reuters) - Aston Villa's Ollie Watkins scored a penalty and Emiliano Buendia added a second goal as they beat Everton 2-0 in a frenetic Premier League encounter at Goodison Park on Saturday to leave the home side in the bottom three.
Read more »
Corey Stoll discusses MODOK in ‘Quantumania’Corey Stoll explained: “I was like, ‘That’s the craziest thing I’ve ever heard, and if that were to happen, that would be the craziest role I would ever play’.” theSun theSundaily MarvelStudios MCU movie AntManAndTheWaspQuantumania Lifestyle
Read more »
(Video) 16yo Malaysian Muay Thai Athlete Scores Victory Punch In 16 Seconds! - Hype MalaysiaOur Malaysian-born talents have been on a roll lately and we couldn’t be prouder. There are a lot of things to celebrate. Last week, the ever-so-gifted VFX artist Sofyank96 collaborated with Marvel’s “Ant-Man” star Paul Rudd in a video to promote the actor’s new movie. Just earlier today (Monday, 27th February), Dato Michelle Yeoh made […]
Read more »
Corey Stoll discusses MODOK in ‘Quantumania’Corey Stoll explained: “I was like, ‘That’s the craziest thing I’ve ever heard, and if that were to happen, that would be the craziest role I would ever play’.” theSun theSundaily MarvelStudios MCU movie AntManAndTheWaspQuantumania Lifestyle
Read more »