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ETF News

Singapore issues four digital banking licences to Grab, Ant Group, others

SINGAPORE, Dec 3 (Reuters) - A venture between Singapore Telecommunications Ltd (Singtel) and ride-hailing leader Grab and Internet consumer company Sea Ltd are among four firms to win Singapore’s first digital banking licences, in the city-state’s biggest banking liberalisation initiative in two decades.

An entity wholly-owned by Alibaba Group affiliate Ant Group also won licences, Singapore’s banking regulator said on Friday, reflecting a regional trend of tapping tech start-ups to shake up often staid financial sectors. (Reporting by Anshuman Daga and John Geddie; Editing by Christopher Cushing and Alex Richardson)

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