Grab, Southeast Asia’s most valuable startup, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process told Reuters.

The app is close to hiring a consultancy to advise it and is gearing up to apply for a digital-only bank license in Singapore if the local banking regulator decides to open up the sector, said the people.

The Monetary Authority of Singapore could make a decision in the next couple of months on whether to admit what it calls “digital-only banks with non-bank parentage,” as well as on eligibility for potential applicants, the people said.

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