Singapore on Friday granted four firms, including Ant Group and Grab, licenses to run digital banks in the Southeast Asian country, in a move that would allow the tech giants to expand their financial services offerings.
The nation’s central bank, Monetary Authority of Singapore (MAS), said it applied a “rigorous, merit-based process” to select a strong slate of digital banks. As these digital banks start their pilot operations, MAS said it will review whether more companies could be granted this license.
A total of 21 firms, including TikTok-parent firm ByteDance, had applied to get a digital license, of which 14 met …
