Grab and Singtel consortium bags Malaysia digital banking licence

The Malaysian digital bank will be led by Pei Si Lai.

A consortium led by the digital bank joint venture of Grab and Singtel, GXS Bank Pte. Ltd, and Kuok Brothers Sdn. Bhd was selected amongst the five to be granted a full digital banking licence in Malaysia.

Once the license has been approved by Malaysia's central bank --- Bank Negara Malaysia -- the Grab-Singtel venture will hold a 55.45% stake in the proposed Malaysia digital bank, which will be led by the CEO designate, Pei Si Lai.

Lai will help assemble a team of over 200 people that will fill roles in areas of product and design, data, technology, risk, and compliance.

“The opportunity to build the Malaysian digital bank from the ground up and be at the forefront of the fast-evolving Malaysian FinTech landscape is incredibly exciting," Lai said.

"Aside from leveraging agile banking technology that will enable us to offer tailored and unique banking experiences for our consumers, my team and I will also tap on the strong support from our shareholders and strategic partners, as well as guidance from Bank Negara Malaysia and the Ministry of Finance, to deliver on our mission to serve and empower underbanked Malaysian communities such as gig workers and small businesses," she added.

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