![]() These additional requirements may be out of reach for some individuals such as entrepreneurs and gig workers, said GXS chief executive Charles Wong. They have also positioned themselves as “transparent” and “fuss-free”, compared with traditional banks whose bonus rates often come with various criteria such as a minimum account balance or spending on eligible cards. So, while the initial launches have attracted some customers, the new digital banks still have a long road to success, and eventually, profitability, industry observers told CNA.Īll three digital retail banks have launched savings accounts that pay higher interest rates. Incumbent banks have also improved their digital offerings in recent years. ![]() "They can operate at a lower cost and pass some of that savings onto customers in the form of better rates on deposits and lower cost of borrowing.”īut these disruptors do not have it easy, given Singapore’s small market and an even smaller population that does not already have a bank account – less than 2 per cent of adult residents. "The whole argument for digital banks is that they have zero physical footprint," said Mr Zennon Kapron, founder and director of consultancy Kapronasia. These banks were given the green light by the Monetary Authority of Singapore (MAS) in 2020, as part of promoting competition in the financial sector. The other two that serve retail customers are GXS Bank, which is backed by Grab and Singtel, and MariBank, which is owned by Sea. It is one of the five digital or online-only banks that began operations in Singapore over the past year. Account openings and card applications are done entirely through a mobile app. ![]() Unlike a traditional bank, Trust does not have brick-and-mortar branches. With inflation, every cent counts,” said Ms Ho, who received a cash voucher and a bag of rice when she signed up last September. “It’s where I buy most of the groceries I need at home. SINGAPORE: Last year, Ms Irene Ho applied for a credit card with Trust Bank, a new digital bank in town backed by Standard Chartered and FairPrice Group.ĭespite already having several credit cards, the 41-year-old wanted one that could earn rebates for grocery shopping at NTUC FairPrice. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |