Who owns Singapore's digital banks and wallets, and what protects you: GXS, GrabPay and PayLah!

Key facts

• Tencent entities hold 17.0% of the shares, Baillie Gifford 6.7% and WCM Investment Management 5.5%.
• MariBank's governance report names him chairman of the bank group's board.

Key facts

• Before the change he held 59.1% of the votes, or 46.6% without those proxies.
• Shareholders passed the change on 24 March 2026 with 85.9% of votes cast in favour.
• If every other Class B share were converted to Class A, Grab says he would still hold 69.4% of the votes.
• Grab says it meets MAS's condition that GXS be controlled by Singaporeans through his voting control of Grab. It does not rely on Singtel for that.

Key facts

• About 71.6% of DBS Group is held by the public.
• Through Singtel's 40% of GXS, its look-through share of GXS is about 20.7%. Through Standard Chartered's 60% of Trust, about 10.8%. These are arithmetic on holdings and say nothing on control.

Key facts

• NTUC, the Singapore Labour Foundation and unions owned NTUC Enterprise about 39%, 31% and 30% in 2012. No current split is published.
• A 2012 NTUC release gave the split as about 39% NTUC, 31% the Singapore Labour Foundation and 30% unions.

Key facts

• Ant International's holders are not published. Existing investors including Ant Group and Alibaba took part in its July 2026 Series A.
• Ant Group has no controlling shareholder. Alibaba's 20-F says no single shareholder controls it.
• Ant International began independent operation in 2024.

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• A partnership holds the largest block, 25.88%, and almost all of it is pledged.
• The report marks its controlling shareholder and actual controller boxes "not applicable".

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• Sea owns MariBank outright.
• Sea runs ShopeePay through ShopeePay Private Limited, one of its subsidiaries.
• Its Monee segment made USD 1.4 billion of revenue in Q2 2026 and holds USD 11.1 billion of loans, mostly consumer and small business credit.
• Its 20-F says its banking business as a whole has been loss-making.

Key facts

• Grab's side holds the other 60% of GXS Bank, since only two shareholders are named.
• Grab runs GrabPay through GPay Network (S), one of its subsidiaries.
• Anthony Tan controls the vote. Uber holds 13.1% of the shares, SB Investment Advisers (UK) 9.8% and Toyota Motor 5.4%.
• Grab must indemnify bank customers against shortfalls in deposits at GXS.
• Its Financial Services segment made USD 134 million of revenue and lost USD 15 million at adjusted EBITDA in Q2 2026. It expects the segment to turn profitable in the second half of 2026 (Q2 results, remarks).

Key facts

• Singtel holds 40% of GXS Bank.
• Its share of GXS's SGD 1.5 billion minimum capital is SGD 600 million. SGD 231 million was paid by 31 March 2026, and SGD 52 million more in April.
• It guarantees MAS 40% of GXS's customer deposit liabilities if GXS is wound up.

Key facts

• DBS Group is the parent of DBS Bank, which runs PayLah!.
• DBS, OCBC and UOB are Singapore's three largest banks, per NETS, which says it is equally owned by them. DBS reported owning 33.33% of NETS in its 2010 annual report.
• About 71.6% of DBS Group is held by the public.
• DBS is one of the three largest banks that equally own NETS. It is also a named safeguarding bank for NETS, Wise, Revolut and YouTrip (NETS agreement, Wise terms, Revolut terms, YouTrip terms).

Key facts

• Standard Chartered holds 60% of Trust through its Singapore bank.
• It is a named bank for Revolut and YouTrip wallet money, held in trust accounts at Standard Chartered Bank (Singapore) (Revolut terms, YouTrip terms).
• It put SGD 60 million of perpetual capital securities into Trust in March 2025.

Key facts

• NTUC, the Singapore Labour Foundation and unions owned NTUC Enterprise about 39%, 31% and 30% in 2012. No current split is published.
• NTUC Enterprise holds the other 40% through BetaPlus, its direct subsidiary.
• Trust's governance report calls BetaPlus "a direct subsidiary of NTUC Enterprise Co-operative Limited".
• The 2022 launch release described BetaPlus as owned by NTUC Enterprise and FairPrice Group.
• Trust's July 2026 release calls Trust "jointly owned by Standard Chartered and FairPrice Group".

Key facts

• Western Union bought Dash on 1 April 2026.
• No holder controls it. Vanguard held 11.22%, BlackRock 10.00% and T. Rowe Price 8.6% as of March 2025.

Key facts

• Ant International's holders are not published. Existing investors including Ant Group and Alibaba took part in its July 2026 Series A.
• Ant International owns ANEXT outright.
• It put no new money into ANEXT in 2025, and ANEXT's equity fell by the SGD 49.8 million it lost.

Key facts

• Greenland's finance arm holds 80% of Green Link.
• Greenland's 2025 report names no controlling shareholder.

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• Linklogis Hong Kong holds the other 20%.
• The bank calls itself "Founded by the Greenland Group and Linklogis consortium".

Key facts

• Sea owns MariBank outright.
• MariBank lost SGD 55.6 million in 2025. Most of its money, about 79%, sits in securities, and only 8% has been lent out.
• Counting MariBank Philippines, the group holds SGD 2.8 billion of deposits.
• Sea's filing says its Singapore bank is still operating at a restricted phase, before it becomes a fully functioning digital full bank.
• Its share capital is SGD 775 million, against the SGD 1.5 billion a full digital bank needs.
• Deposits are insured by SDIC up to SGD 100,000 per person.

Key facts

• Sea runs ShopeePay through ShopeePay Private Limited, one of its subsidiaries.
• The money sits in a pooled trust account. If the bank holding it fails, users share the shortfall.
• A balance can reach SGD 1,000, or SGD 5,000 once the account is verified. It earns no interest.

Key facts

• Grab runs GrabPay through GPay Network (S), one of its subsidiaries.
• Wallet money sits in a pooled trust account with other users' money. Grab's terms warn that users "may potentially be exposed to the losses of other customers".
• Grab's security page says the money is held in a dedicated account with United Overseas Bank, though the terms name no bank.
• A balance can reach SGD 5,000. It earns no interest for the user, and Grab says it "may receive interest" on the money it holds.
• GrabPay is not on the SDIC member list.

Key facts

• Singtel holds 40% of GXS Bank.
• Grab's side holds the other 60% of GXS Bank, since only two shareholders are named.
• If GXS ever closed with customers' deposits unpaid, Singtel has guaranteed MAS it would cover 40% of them. Grab says it must "indemnify bank customers against shortfalls in non-bank deposits". This is the only owner promise found. None turned up for the other banks or wallets in the filings and terms read.
• GXS lost SGD 132.1 million in 2025 on SGD 44.0 million of income.
• Grab says GXS has been in a restricted phase since September 2022. Until MAS lifts it, the bank works under tighter limits on deposits and lending. Its paid-in capital of SGD 1.39 billion is still short of the SGD 1.5 billion a full digital bank needs.
• Deposits are insured by SDIC up to SGD 100,000 per person, and GXS is on the member list.

Key facts

• DBS Group is the parent of DBS Bank, which runs PayLah!.
• DBS is an SDIC member, and its own list of insured deposits includes Paylah under current accounts.
• The SGD 100,000 cover is one limit per person for everything insured at DBS, so a PayLah! balance counts toward it along with savings and current accounts.
• The wallet limit starts at SGD 999, per DBS's FAQ, and users can raise it to SGD 2,000 in the app, per its support page. The support page says users without a DBS digibank login stay at SGD 999.

Key facts

• Standard Chartered holds 60% of Trust through its Singapore bank.
• NTUC Enterprise holds the other 40% through BetaPlus, its direct subsidiary.
• It offers a savings account, credit cards and loans to individuals.
• Trust lost SGD 53.5 million in 2025 on SGD 135.0 million of income. About 66% of its assets were Singapore government treasury bills.
• Trust has SGD 720 million of share capital, plus SGD 60 million of perpetual securities that Standard Chartered bought in March 2025.
• Press reports its first profitable month in March 2026.
• Deposits are insured by SDIC up to SGD 100,000 per person.

Key facts

• Western Union bought Dash on 1 April 2026.
• The money sits in a trust account at a Singapore bank, together with other customers' money. The terms say a shortfall "may have to be shared among all SingCash customers".
• A balance can reach SGD 5,000. The interest on the account goes to SingCash, not to the user.

Key facts

• Ant International owns ANEXT outright.
• Its account terms say deposits "are not eligible for deposit insurance coverage".
• ANEXT lost SGD 49.8 million in 2025. It holds SGD 1.15 billion of deposits and has lent SGD 636 million.
• The terms set no maximum balance, only limits on transactions.

Key facts

• Greenland's finance arm holds 80% of Green Link.
• Linklogis Hong Kong holds the other 20%.
• Banks of this type are not required to join SDIC, and Green Link is not on the member list.
• Its public site carries only website terms. Its account terms sit behind sign-up.

Key facts

• OCBC is one of the three banks that equally own NETS, per NETS. OCBC's 2017 filing says it held 33.3%.
• OCBC is also a named safeguarding bank for Wise and for NETS (Wise terms, NETS agreement).

Key facts

• UOB is one of the three banks that equally own NETS, per NETS. It gives no figure in the statements read.
• UOB is also a named safeguarding bank for YouTrip and for NETS (YouTrip terms, NETS agreement).

Key facts

• DBS, OCBC and UOB are Singapore's three largest banks, per NETS, which says it is equally owned by them. DBS reported owning 33.33% of NETS in its 2010 annual report.
• OCBC is one of the three banks that equally own NETS, per NETS. OCBC's 2017 filing says it held 33.3%.
• UOB is one of the three banks that equally own NETS, per NETS. It gives no figure in the statements read.
• Instead of a trust account, DBS, OCBC and UOB have promised to be "fully liable" for the balance, which puts the banks directly on the hook for it.
• NETS is also a designated payment system operator, so it runs the network behind shop debit terminals as well as issuing prepaid cards.
• A cardholder can store up to SGD 1,000 across NETS cards. No interest is paid.

Key facts

• The report gives no percentage. Press reports range from about 20% to 29%.

Key facts

• Revolut Technologies Singapore is a 100% subsidiary.
• It gave MAS letters of responsibility for both, up to £106.0 million, as part of a Capital Markets Services licence requirement.

Key facts

• Revolut Technologies Singapore is a 100% subsidiary.
• The money sits in trust accounts at DBS, Standard Chartered Bank (Singapore) and ANZ, together with other customers' money.
• The terms say e-money is "not covered by the Deposit Insurance Scheme", and it earns no interest.
• Customers pick a balance limit of SGD 19,800 or SGD 5,000. The higher one is the default.

Key facts

• Without the cap he would hold over 50% of the votes.
• The cap drops to one vote below 35% if he stops being CEO.

Key facts

• Wise Group plc is the ultimate parent of the Wise group, which includes Wise Asia-Pacific.
• There are 1,025,164,562 Class A shares at one vote each and 204,338,749 Class B shares.

Key facts

• Wise Group plc is the ultimate parent of the Wise group, which includes Wise Asia-Pacific.
• The money sits in separate accounts at DBS and OCBC, held on trust and pooled with other customers' money. Wise warns you "may not get all your money back" if the banks fall short.
• The terms say balances are "not insured by any deposit protection scheme", and they earn no interest.
• A resident account can hold up to SGD 20,000 at the end of the day.

Key facts

• One of two holders above 5%. PayPal has one class of common stock, so votes follow shares.
• After an internal realignment in January 2026, The Vanguard Group reports no shares and its units file on their own. Vanguard Capital Management covers one set of those units, so 6.99% is not the whole Vanguard stake.
• Before the realignment, The Vanguard Group reported 9.65% at 31 December 2025. The 2026 proxy gives 10.05% for the same shares, counted against 899,673,971 shares outstanding at 25 March 2026.

Key facts

• The other holder above 5%. The 2026 proxy gave 8.06% at 31 December 2025.

Key facts

• PayPal Pte. Ltd. runs PayPal in Singapore, and PayPal Holdings lists it as a subsidiary.
• Only Vanguard and BlackRock hold more than 5%. Vanguard changed how it files in March 2026, see its card.

Key facts

• PayPal Pte. Ltd. runs PayPal in Singapore, and PayPal Holdings lists it as a subsidiary.
• PayPal keeps balances in a trust account at a Singapore bank, pooled with other customers' money. If that bank failed, you might not get it all back.
• The agreement calls a balance "an unsecured claim against PayPal", meaning you are owed the money rather than holding it. Users earn no interest, and PayPal keeps whatever the money earns.

Key facts

• Naspers controls Prosus, so Tencent's report treats Naspers, Prosus and Prosus's Dutch holding company as interested in the same 22.80%.

Key facts

• He holds his shares through a British Virgin Islands company, 709,859,700 directly and 95,000,000 through a foundation that company owns.

Key facts

• Tencent's report does not name Tenpay Global. Press and Weixin pages call it Tencent's cross-border payment arm.
• Prosus holds 22.80% and Ma Huateng 8.82%, at 31 December 2025. No one else is listed.
• Its games brought in RMB 241.6 billion in 2025, RMB 164.2 billion at home and RMB 77.4 billion abroad, out of RMB 751.8 billion of revenue.

Key facts

• Tencent's report does not name Tenpay Global. Press and Weixin pages call it Tencent's cross-border payment arm.
• The licence lets it issue e-money here, but no source read shows a Singapore dollar wallet for people living in Singapore.
• Its site offers inbound remittance, which sends money to a Weixin Pay wallet in China.
• Press describes it as Tencent's cross-border payment arm, mostly used by visitors paying in Singapore.

Key facts

• SimplyGo is a wholly owned subsidiary of the Land Transport Authority.
• It was formed on 1 September 2024 by merging EZ-Link and Transit Link.

Key facts

• SimplyGo is a wholly owned subsidiary of the Land Transport Authority.
• The money is held in a separate trust account at a bank the terms do not name, and no interest is paid.
• The ez-link card tops up to SGD 500. The EZ-Link Wallet with Mastercard holds up to SGD 5,000.

Key facts

• Lightspeed led YouTrip's USD 50 million Series B in October 2023, per press coverage. No holder table was read.
• These come from press coverage, not a filing.

Key facts

• Lightspeed led YouTrip's USD 50 million Series B in October 2023, per press coverage. No holder table was read.
• Its terms name four banks that can hold the money, DBS, Standard Chartered, UOB and Deutsche Bank Singapore Branch.
• For some currencies a bank guarantee backs the money too. The terms say it "shall be safeguarded by a guarantee given by the Safeguarding Institution(s)".
• An account can hold up to SGD 20,000 and can be topped up by SGD 100,000 every 365 days. No interest is paid.