Ex-Citi Singapore Banker To Join Grab-Singtel

1 min readUpdated May 16, 2025Mar 4, 202011:12 PM

In this article (4)

Citibank Singapore’s head of retail banking Charles Wong is set to join the Grab-Singtel entity that is bidding for a digital full bank in Singapore.

With strong credentials for bringing about a strong turnaround of Citi Singapore’s business, Charles Wong is likely to play a key role in the digital full bank if the Grab-Singtel consortium secures the license, according to a report.

Wong had resigned from the U.S. bank in February after more than 20 years at Citibank, where he spent nearly five years in his last role as head of retail banking at Citibank Singapore. Under his leadership, the unit delivered consistent double-digit growth.

Grab Holdings and Singtel have jointly applied for a digital full bank license, with Grab holding a 60 percent stake in the proposed consortium, and Singtel holding the rest.

Both partners see financial services as a natural extension of their core businesses.

AdvertisementAdvertise with usMobile 320×100

What this means

The recruitment of Charles Wong is a strategic coup for Grab-Singtel, significantly bolstering their digital bank ambitions. Wong’s proven ability to deliver consistent double-digit growth at Citibank Singapore positions the consortium strongly against competitors. This move applies immediate pressure on traditional banks and other digital license applicants, who now face a formidable challenger with deep financial and tech expertise. While the 60/40 Grab-Singtel joint venture uses existing customer bases, the inherent risk lies in translating platform ubiquity into trusted financial services. Expect intense competition, evidenced by Panpuri's aggressive expansion and Tiffany & Co.'s store openings, but the next critical marker remains the license announcement.

Sarah Chen · Retail News Asia newsroom

Questions & Answers

What is Charles Wong's current role at Citibank Singapore?

Charles Wong resigned from the U.S. bank in February, having previously served as the head of retail banking at Citibank Singapore. He spent nearly five years in this role, leading the unit to consistent double-digit growth.

What proportion of the digital full bank consortium will Grab Holdings own?

Grab Holdings will hold a 60 percent stake in the proposed consortium, which is jointly bidding for a digital full bank license. Singtel will hold the remaining share in the venture.

Why are Grab Holdings and Singtel interested in financial services?

Both Grab Holdings and Singtel view financial services as a natural expansion of their existing core businesses. They have jointly applied for a digital full bank license in Singapore, with Grab as the majority stakeholder.

Reader pulse

Is this a smart hire for Grab-Singtel's digital bank bid?

19,608 votes so far