Singapore digital banks face hard slog but incumbents can't sit pretty either
New entrants unlikely to pose a significant threat but can still put pressure on existing banks' pricing and margins, analysts say
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SINGAPORE'S first digital banks will need to focus on building trust and managing acquisition costs to succeed in the long run, analysts say.
But although they are unlikely to pose a significant threat to the digitally-advanced incumbents in the near term, they could still put pressure on existing banks' pricing and margins, they added.
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