Fresh off securing their full digital banking license in Singapore, the Grab-Singtel constortium announced that they have appointed Charles Wong as the CEO and they will be looking to set up a dedicated team and fill around 200 roles by end 2021 in the areas of product, data, technology, risk, finance, and compliance. Charles is a long-time banking veteran who most recently served as the head of retail banking of Citibank in Singapore.
The consortium will focus on serving consumers and small businesses, starting with time-starved young PMETs, gig workers with flexible incomes, and micro-SMEs who face limited access to financing.
In their media statement, they said that Grab and Singtel will enable these underserved groups to easily access transparent financial services that are embedded in their everyday activities, helping them achieve a better quality of life. The consortium will do so by drawing on both companies’ extensive experience in meeting the daily essential needs of millions in Singapore.
Grab and Singtel’s added that their priority is to create the most seamless and secure digital banking experience in Singapore. To achieve this, the consortium has already started assembling “a team of experts” with diverse backgrounds in banking, fintech and technology. Key roles overseeing product, data, cybersecurity and technology have already been filled.
Anthony Tan
Mr Anthony Tan, Group CEO & Co-Founder of Grab, said,
“We are honoured to have this opportunity to build Singapore’s next-generation digital bank, and open up access to easy to understand and relevant financial services. With Grab and Singtel’s combined experience in meeting the everyday needs of Singaporeans, as well as our deep tech expertise and data-driven insights, the digital bank will further our goal to empower more people to gain better control of their money and achieve better economic outcomes for themselves, their businesses and families.”
Yuen Kuan Moon
Mr Yuen Kuan Moon, Singtel’s Group CEO-designate, said,
“We’re excited and privileged to be given this opportunity to redefine banking in Singapore. With Singtel and Grab’s combined digital expertise and deep customer knowledge, we have the assets and the synergies to make banking more accessible and intuitive, to deliver much-needed product simplicity, speed and affordability to consumers and enterprises. As a homegrown company, we look forward to contributing to this exciting digital era of finance for Singapore that will drive greater value creation, build new careers and develop a strong Singaporean core of fintech talent for the industry. We’re pleased to be a part of this significant milestone, especially at a time when the pandemic has underscored the importance of digital platforms, making digital banking even more relevant now to meet the everyday needs of our customers.”
Charles Wong
Mr Wong, CEO of the Grab-Singtel digital banking consortium, said,
“An opportunity such as today, where we are entrusted to develop a digital bank from scratch, is truly rare. We will redefine banking by building a sustainable business focused on out-serving Singapore with personalised, accessible and trusted financial products. Customers from multiple segments, including the underserved and underbanked, will be able to have their financial needs met seamlessly, powered by our next-generation cloud technology and data platform.”
The digital bank is a natural extension of the Grab Financial Group as well as the mobile financial business of Singtel, with the aim of enabling wider access to financial services. It will also draw on the combined experience of both companies in having already built a successful regional fintech ecosystem in highly regulated environments, offering digital financial services across payments, insurance, lending and investing.
Grab and Singtel first formed a consortium in December 2019 to apply for the license. Grab has a 60 percent stake in the consortium entity while Singtel holds a 40 percent stake. The consortium aims to formally launch the digital bank in early 2022.
