Singtel’s Price Rises

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Image by Gerd Altmann from Pixabay

Shares of Singtel rose on Thursday morning after the two main board-listed companies each announced their applications for a digital bank licence in Malaysia.

As at 10.05am, index counter Singtel gained S$0.02 or 0.9 per cent to peak at S$2.31 amid heavy trading, with some 2.9 million shares changing hands.

This comes after Singapore’s largest telco earlier announced it had applied for a digital bank licence in Malaysia through its joint venture with Grab, together with a consortium of other investors.

Shares of iFast were up by 2.5 per cent or S$0.20 to an intraday high of S$8.35, with 146.8 million shares traded as at 9.10am. On Wednesday after the market closed, the wealth management platform said it was leading a consortium to apply for a digital bank licence in Malaysia. iFast will take a 40 per cent stake in the digital bank should the application be successful.

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