https://techcrunch.com/2020/12/04/grab-singtel-and-ant-group-win-digital-bank-licenses-in-singapore/

Singapore on Friday granted four firms including Ant Group and Grab the licenses to run digital banks in the Southeast Asian country, in a move that would allow 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.