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Current digital banking race feels a lot like when QFB licences were given to foreign banks

The influx of new players could spur the big banks to raise their game in the crucial digital banking space

THIS past week, I nearly succumbed to the fear of missing out on the offerings of Standard Chartered and FairPrice Group's new "digitally native" bank.

By its own account, Trust Bank has been something of a hit since its launch at the beginning of September. It already has more than 200,000 customers, and facilitated more than one million transactions in the month of September alone.

What's drawing people to Trust Bank? While it holds a full banking licence in Singapore, Trust Bank is designed to operate in the cloud and engage customers through their smartphones.

As a result, Trust Bank delivers a banking experience that is quite different from traditional banks. For instance, signing up as a...

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