---
title: "Singtel Jumps as Much as 11% on Digital Bank Win With Grab"
description: "Singapore Telecommunications Ltd. shares soared after its consortium with Grab Holdings Inc. was awarded a license to run a digital full bank in Singapore."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2020-12-07-singtel-jumps-as-much-as-11-on-digital-bank-win-with-grab/"
published: "2020-12-07T04:54:38"
lang: "en-ZA"
word_count: 174
---

# Singtel Jumps as Much as 11% on Digital Bank Win With Grab

> Singapore Telecommunications Ltd. shares soared after its consortium with Grab Holdings Inc. was awarded a license to run a digital full bank in Singapore.

By Bloomberg · Published 7 December 2020, 06:54 SAST

## Content

The telecom operator rose as much as 11%, the most since October 2008. Digital full banks will be allowed to take deposits and provide banking services to both retail and corporate customers.

The Grab-Singtel venture will [hire](https://www.bloomberg.com/news/articles/2020-12-05/grab-singtel-group-to-hire-200-people-for-singapore-digital-bank) 200 people before the virtual lender’s launch in early 2022. Singtel provides mobile, fiber broadband and TV services, and owns 40% of the partnership. U.S.-listed Sea Ltd. was the second entity to be awarded a full bank license. Shares rose 8.3% on Friday, the biggest gain in about four months.

| Read more |
| --- |
| [Ant, Grab Become First Tech Firms to Run Banks in Singapore](https://www.bloomberg.com/news/articles/2020-12-04/ant-grab-win-singapore-digital-bank-licenses-along-with-sea) |
| [Razer to Push Youth Bank, Undeterred by Failure of Singapore Bid](https://www.bloomberg.com/news/articles/2020-12-05/razer-to-push-youth-bank-undeterred-by-failure-of-singapore-bid) |
| [Grab-Singtel Group to Hire 200 People for Singapore Digital Bank](https://www.bloomberg.com/news/articles/2020-12-05/grab-singtel-group-to-hire-200-people-for-singapore-digital-bank) |

Meanwhile, an Ant Group Co.-led entity and a venture involving China’s Greenland Financial Holdings Group Co. won wholesale bank licenses. Shares of iFast Corp. plunged as much as 34%, the most on record, after it failed to win a license. Hong Kong-listed Razer Inc. -- another contender -- fell as much as 12%.