Grab-Singtel Digital Bank Going to Hire 200 People; Aims to Bring ‘Joy’ to Customers

In case you haven’t heard, Singapore’s going to have four new online banks in 2022.

Think of them like DBS, except they have no physical outlets and operate solely online.

One of them is the Grab-Singtel consortium who are equally excited to start on this new leg of their journey.

Grab CEO Anthony Tan said they’re excited to help develop the digital banking sphere in Singapore and will provide easy-to-understand and innovative digital banking services to customers.

Singtel, on the other hand, is confident that with Grab’s and Singtel’s tech expertise and customer serviced knowledge, they’ll be able to improve banking services for both consumers and businesses here.

And now, shortly after the announcement by MAS, the Singtel-Grab consortium has exciting news to share.

Grab-Singtel Digital Bank Going to Hire 200 People; Aims to Bring ‘Joy’ to Customers

According to Mr Charles Wong, the CEO of the Singtel-Grab consortium which won a full digital bank license, hiring for the digital bank has already begun.

While scheduled to be operational in 2022, according to MAS, Mr Wong says about 10 to 15 per cent of the roles have already been filled, including positions that oversee product, data and cybersecurity.

They are still looking for more talents in the area of technology, risk, finance and compliance.

In short, the Singtel-Grab consortium is hoping to create more jobs in the technology and fintech sectors for locals.

This includes building training programmes for Singaporeans so they’ll be ready for the future of data, cybersecurity and technology.

It was revealed that the consortium is hoping to hire around 200 Singaporeans for the newly-setup digital bank by the end of 2021.

Making Banking Easy

Grab, which holds a 60 per cent stake in the venture, has an objective in mind.

Pointing to the survey which shows that 40 per cent of Singaporeans are “underbanked”, they want to “create the most seamless and secure digital banking experience” to help “under-served Singaporeans” access transparent banking services.

“Our goal is to make banking and financial services as easy as ordering Grab food, booking a car ride or making a mobile phone call.”

While no details have been revealed about what services will be offered in 2022, it was said that they are looking at innovative products that can be “embedded” in people’s everyday life.

Coopetition, Not Competition

For full digital bank licenses, the new digital bank must have a minimum paid-up capital of S$1.5 billion and be operated by Singaporeans.

Singtel and Grab will invest proportionally according to the stakes they have in the venture, although the amount will be “modest” due to the preliminary restrictions.

The consortium firmly believes that both companies bring existing customers and expertise to the table for this undertaking.

However, it was noted that unlike overseas digital banks, they’re going into the banking industry “with their eyes open”, but not with the intention to fight to the bitter end.

Instead, they’re just going to focus on the customers and figure out what brings them joy.

Several incumbent banks in Singapore are also of the belief that having a healthy dose of competition is good.

DBS Singapore country head Shee Tse Koon congratulated the successful applicants and believe that with more competition, the bank will be “spurred on” to be better and provide more “intuitive and invisible” banking services.

It should be noted that as far as digital banking goes, DBS was voted the best bank in the world for many years and is well-known for their digital transformation.

UOB chief executive Wee Ee Cheong is of the same opinion, believing that the additional competition will bring progress “especially in the area of digital innovation” to Singapore.

Featured Image: Image: rafapress / Shutterstock.com & Yogierman45 / Shutterstock.com