Grab launches Digital Bank in Malaysia, Indonesia in 2023
Grab aims to launch digital banking services in Malaysia and Indonesia by 2023.
This announcement comes after the launch of the digital banking joint venture GXS Bank established by Grab in partnership with Singtel in August.
ph: instagram@themoneykopitiam
In Indonesia, Bank Fama International will serve as the platform for the digital banking that Grab plans to build in partnership with Singtel and Emtek Group. Grab and Singtel had previously invested $70 million in Bank Fama, in return, each company received 16.26% of the shares of this bank. Furthermore, Indonesia's Emtek Group controls 62.8% of Bank Fama's shares.
In Malaysia, GXS Bank obtained a license to operate a digital bank from the country's central bank in April. The joint venture will own a 55.5% stake in the digital bank that Grab plans to launch in Malaysia market, subject to regulatory approval.
Grab is also said to be in talks to buy a majority stake in Malaysian bank AMMB Holdings (AmBank).
During a recent investor meeting, Grab announced that the company sets a breakeven target on the basis of profit before interest, tax and depreciation adjusted for the last 6 months of 2024.
The company's digital banking activities is also expected breakeven in 2026.
Grab launches Digital Bank in Malaysia, Indonesia in 2023
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