The Grab logo is displayed on a taxi in Bangkok, Thailand, on Friday, March 9, 2018.
Brent Lewin | Bloomberg | Getty Images
A venture between Singapore Telecommunications and ride-hailing firm Grab and internet platform company Sea Ltd are among four applicants chosen to operate Singapore's first digital banks, in the city-state's biggest banking shakeup in two decades.
An entity wholly-owned by Alibaba Group affiliate Ant Group also won licenses, Singapore's banking regulator said on Friday.
The Monetary Authority of Singapore (MAS) said: "The successful applicant must meet all relevant prudential requirements and licensing pre-conditions before MAS grants them their respective banking licenses."
It expects the new digital banks to start operations from early 2022.