Digital banks seen debuting strongly in 2022, but 'long and difficult' path to profitability
They are expected to burn cash in first 2-3 years to try gain enough scale to operate sustainably thereafter
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Singapore
IT HAS been over a year since Singapore announced its 4 successful digital bank contenders.
Several Covid-19 variants, regulatory travails and fund-raising rounds later, the aspiring new banks are marching full steam ahead towards a 2022 launch - with a common, ambitious goal to chase down pockets of underserved segments in an already well-banked market.
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