News analysis

Digital bank hopefuls Razer, Grab must do more to protect data

Recent leaks raise concerns as both firms manage digital currencies

Grab has been sanctioned four times in two years for failing to protect personal data under its control, while an error at Razer recently allowed details of customers' recent orders, e-mails, phone numbers and billing and shipping addresses, among ot
Grab has been sanctioned four times in two years for failing to protect personal data under its control, while an error at Razer recently allowed details of customers' recent orders, e-mails, phone numbers and billing and shipping addresses, among other records, to be searched on the Internet for three weeks. ST FILE PHOTO

Ride-hailing operator Grab and gaming hardware maker Razer's recently disclosed data breaches could not have come at a worse time for the two digital bank hopefuls.

The firms are among applicants being considered by the Monetary Authority of Singapore (MAS) for up to five digital bank licences to be issued by the end of this year.

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A version of this article appeared in the print edition of The Straits Times on September 18, 2020, with the headline 'Digital bank hopefuls Razer, Grab must do more to protect data'. Print Edition | Subscribe