Singapore digital banks face down ticking clock 

TIME flies and it has already been four years since the digital retail banks in Singapore were awarded their licences. With the initial hype behind them, both GXS bank and MariBank have a tough race against the clock to improve their financials, if they are to become full-fledged digital retail banks.

GXS and MariBank are the main players on the local scene. Others include Trust Bank, which already operates as a full bank. There are also Anext Bank and Green Link Digital Bank, which are wholesale banks serving only businesses.

In its responses to frequently asked questions about the digital bank framework on its website, the Monetary Authority of Singapore (MAS) states its preference for applicants with an earlier break-even year in their financial projections.