Singapore Grab App to Follow Facebook into Virtual Currency Sector

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Asia’s most valuable start-up, food delivery and digital payments services app, Grab is apparently looking to move into Singapore’s virtual banking and currency sector as the city-states’ regulators consider allowing online-only and electronic banks, with only a few people savvy to the talks currently under way.

Grab is close to hiring a consultancy to advise it on its banking potential in preparation in case the banking regulator decides to branch out into the new sector. The company will also need to apply for a digital-only bank licence to operate in Singapore, some employees commented, who declined to be identified as they had been instructed to not speak to the media about any pipeline projects.