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Digital does not mean different: Can Singapore’s digital banks bring the fight to the three incumbents?

Jovi Ho and Khairani Afifi Noordin
Jovi Ho and Khairani Afifi Noordin9/22/2022 08:27 PM GMT+08  • 22 min read
Digital does not mean different: Can Singapore’s digital banks bring the fight to the three incumbents?
Is this a half-hearted launch for Singapore’s digital banks?
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Grab and Singtel’s digital bank may be overshadowed by Standard Chartered’s NTUC tie-up, while Sea’s MariBank has yet to debut amid group-wide layoffs. Is this a half-hearted launch for Singapore’s digital banks?

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 (StanChart) and FairPrice Group introduced Trust Bank, along with a credit card, savings account and family personal accident insurance.

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