From The Register, December 7:
Grab grabs a license and so did China’s Ant Group
Uber is poised to become the owner of a decent chunk of a new bank in Singapore.
The island state on Friday awarded licences to operate digital banks and one went to a consortium comprising Grab and local telco giant Singtel.
Grab is Asia’s ride-sharing leader and was so well-entrenched in that in 2018 Uber CEO declared that competing with it could mean fighting “too many battles across too many fronts and with too many competitors.”
As Princess-Bride-watching Reg readers will know, fighting a land war in Asia is folly. Uber therefore combined its Asian operations with Grab and walked away with a 27.5 percent share of the Singapore company.
Now Grab is set to become a bank, as the licence it has won permits it to offer deposit accounts, financial advice, and insurance to individuals.....
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