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NEWS ANALYSIS

As virtual banking looms in Singapore, incumbents must prove digital mettle

It is not enough to ride the tech wave to make cost savings; they need to actively grow their top lines

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MAS says it is still reviewing whether to issue virtual bank licences to fintech firms in Singapore.

Singapore

AS THE drums sound louder on the landing of virtual banks in Singapore, analysts are warning that incumbents need to squeeze more from their digital pursuits to fend off the attack by large fintechs.

Two issues are worth close attention. The first is how incumbents are...