Digibanks, incumbents and the underbanked

Singapore

WITH the imminent arrival of digital banks seeking a bigger share of the personal finance market, local banks have been rejuvenating their offerings to tap this so-called "under-banked" segment.

This comes as Singapore's new digital-only bank candidates are also likely to ride the wave of money management, said analysts, noting that two of four recently-proposed digital full bank consortiums comprise insurers, which typically dole out investment-linked savings products on top of plain-vanilla term insurance.