Grab-Singtel Introduces Digital Bank in Singapore, Bank Fama to Follow

By Editorial Team 02/09/2022
Digital Banking
Summary

GXS Bank has officially launched in Singapore despite having secured a banking license from the Monetary Authority of Singapore (MAS) in 2020. The digital bank is a joint venture between Southeast Asian ride-hailing giant Grab and Singapore Telecommunications (Singtel). GXS Bank was launched.

In the Singapore market, GXS is targeting the unbanked population. "GXS is a local bank with a mission to support the needs of employers, gig economy, and start-up workers," GXS Singapore chief executive officer (CEO) Charles Wong said as quoted by Reuters on Wednesday. In the Singapore market, Grab and Singtel's platform users have reached more than 3 million.

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