Singtel jumps 11% on digital bank win with ride-hailing giant Grab

Singtel jumps 11% on digital bank win with ride-hailing giant Grab

Photographer: Nicky Loh/Bloomberg

Singapore Telecommunications Ltd. shares soared after its consortium with Grab Holdings Inc. was awarded a license to run a digital full bank in Singapore.

The telecom operator rose as much as 11%, the most since October 2008. Digital full banks will be allowed to take deposits and provide banking services to both retail and corporate customers.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter