Grab and Singtel announced today that GXS Bank Pte. Ltd., their digital bank joint venture, and a consortium of Malaysian investors including Kuok Brothers Sdn. Bhd (the “Malaysia digital bank consortium”) have been selected to receive a full digital banking licence in Malaysia, subject to meeting all of Bank Negara Malaysia’s regulatory conditions.
Grab Holdings Ltd said the digital bank consortium comprising GXS Bank Pte Ltd its digital bank joint venture with Singapore Telecommunications Ltd (Singtel) and Malaysian investors including Kuok Brothers Sdn Bhd will enable local micro-SMEs and other financially underserved segments such as gig economy workers.
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