Singtel edges out Grab in attracting deposits as digital banks: CGS-CIMB
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MORE customers may be willing to park money with Singtel than Grab, a CGS-CIMB report showed, with the brokerage estimating that 4-11 per cent of deposits from the domestic banking unit are at risk from being taken from incumbent banks, and absorbed by the upcoming new digital banks in Singapore.
The brokerage surveyed 139 respondents from various industries, with a larger proportion of them from the finance industry. Those aged between 30 and 50 years made up 75 per cent of the sample pool.
In offering a slight premium - that is, another 30 basis points (bps) - to market rates given the digital bank's need to attract deposits, 45 per cent of the respondents were willing to place fixed deposits with Singtel compared to just 33 per cent for Grab. Only two choices were provided to survey respondents in this case.
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