A Grab-Singtel consortium, one of two successful applicants for a digital full bank licence, has already started hiring for around 200 positions in Singapore that it intends to fill by the end of next year.
About 10 per cent to 15 per cent of the roles in banking, fintech and technology have been filled.
Most of the roles will see new hires, although Singtel and Grab employees are welcome to join the new entity, the consortium’s new chief executive Charles Wong, who was formerly Citigroup’s retail banking head, said in a media briefing last night.
The consortium said it will create more opportunities for Singaporeans to take on tech and fintech roles, and will equip them with skills in areas like cyber security.
The new entity will begin with a focus on young professionals, managers, executives and technicians, gig workers and small businesses.
It aims to enable them to easily access transparent financial services in their everyday activities, although it does not have concrete plans yet about its future services.
Grab and Singtel formed the consortium in December last year. Grab owns 60 per cent of it, while Singtel holds the remaining stake. The consortium aims to formally launch the digital bank in early 2022.
Mr Arthur Lang, chief executive officer of Singtel’s international business, described the financial services space as a “growing pie”, with the circuit breaker and pandemic leading to more people getting used to digital financial services.
He added that the consortium is going in with “eyes wide open”.
“We are not going in like the young start-up banks in other countries, where they say they are out there to bring down the incumbent banks. We are both laser-focused on our customers and what we need to bring them joy and deliver something special.”
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