Skyscrapers with the offices of major banks are seen in Singapore’s Marina Bay Financial Centre. Many had hoped digital banks could help inject new life into an industry long dominated by big legacy players. Photo: AFP
Skyscrapers with the offices of major banks are seen in Singapore’s Marina Bay Financial Centre. Many had hoped digital banks could help inject new life into an industry long dominated by big legacy players. Photo: AFP
Singapore

Will Singapore’s new digital banks like GXS and Trust be a ‘game-changer’? Experts aren’t so sure

  • A wave of new virtual banks backed by the likes of tech giant Grab and legacy lender Standard Chartered are launching in the city state
  • Analysts caution they face challenges carving out a niche in such a saturated market – and say Malaysia may offer greater ‘potential for success’

Skyscrapers with the offices of major banks are seen in Singapore’s Marina Bay Financial Centre. Many had hoped digital banks could help inject new life into an industry long dominated by big legacy players. Photo: AFP
Skyscrapers with the offices of major banks are seen in Singapore’s Marina Bay Financial Centre. Many had hoped digital banks could help inject new life into an industry long dominated by big legacy players. Photo: AFP
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