World News: 07:21 GMT Tuesday 3rd December 2019. [Yahoo Business News Feed via SPi World News]
About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore's digital bank licences, sources said. Singapore's biggest liberalisation of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and therefore offer different services than those of incumbents including DBS Group and OCBC. 'There is a lot of speed dating going on,' said Varun Mittal, who heads the emerging markets fintech business at consultancy EY.
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