Move could increase competition among big phone providers and help diversify revenues for digital bank

Monzo is looking to launch its own mobile phone service in the UK, in a move that could heighten competition among big phone groups and secure further revenue for the growing digital bank.

The online-only lender, which was launched in 2015, is in the early stages of developing a digital sim card: a software version of the insertable chip used to connect a phone to cellular networks and the internet.

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