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Digital banks unveiled, incumbents respond with higher interest rates

Jovi Ho and Khairani Afifi Noordin
Jovi Ho and Khairani Afifi Noordin9/1/2022 05:32 PM GMT+08  • 7 min read
Digital banks unveiled, incumbents respond with higher interest rates
The digital banks’ maiden products are putting them in direct competition for funds with the incumbent local banks and the QFBs.
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Two digital banks were launched in succession at the turn of the month, close to two years after the Monetary Authority of Singapore (MAS) announced the four successful bids for digital banking licences here.

GXS Bank, backed by Singapore Telecommunications (Singtel) and Grab, unveiled its app and savings account on Aug 31. The following day, Standard Chartered Bank and FairPrice Group introduced Trust Bank, along with a credit card, savings account and family personal accident insurance.

With MAS’s blessing, GXS is one of two digital full banks launching here — the other being Sea’s MariBank. Meanwhile, Trust Bank rides on Standard Chartered’s qualifying full bank (QFB) licence, which the British multinational bank received in 1999, and is not part of the four new licence winners.

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