They’re building a dedicated team to manage Singapore’s first fully digital bank
Singapore-based Grab may be ending 2021 on a high. The firm, together with Singtel Group, announced that they will be hiring over 200 employees by 2021 to manage the consortium’s new venture – Singapore’s first fully digital bank.
The consortium, led by CEO Charles Wong – formerly Citigroup Inc.’s banking head in Singapore – has already hired key experts with diverse backgrounds in banking, fintech and technology.
By end of 2021, they will recruit talent in the areas of product, data, technology, risk, finance and compliance.
Read more: Is a high salary enough to retain tech talent?
The move will also create more opportunities for Singaporeans to take on technology and fintech-related roles. The consortium aims to equip the new hires with the necessary skillsets in cyber and information security, data science and analytics, as well as tech engineering.
The digital bank will focus on serving consumers and small businesses, including young PMETs, gig workers with flexible incomes, and small and medium-sized enterprises (SME) who face limited access to financing.
CEO Wong said the chance to develop a digital bank ‘from scratch’ was a ‘truly rare’ opportunity.
Read more: Myopic hiring worsening tech talent gap
Potential merge with Gojek
In addition to the new banking venture, Grab CEO and co-founder, Anthony Tan, has reportedly told employees that a merger with rival Gojek may be on the cards.
In an internal note seen by Reuters, he said Grab was ‘in a position’ to make acquisitions.
“There is speculation again about a Gojek deal,” Tan wrote. “Our business momentum is good and as with any market consolidation rumours, we are the ones in a position to acquire.”
Without divulging any specifics about the potential deal, he told staff to not get distracted by any ‘rumours and gossip’.
Read more: Grab CEO breaks down retrenchment package
The message was a far cry from Tan’s memo in June, where he announced an unavoidable 5% layoff exercise and called COVID-19 the ‘single biggest crisis to affect Grab’.
Jakarta-based Gojek had also laid off about 9% of their total workforce this year.
