Singapore digital banks face down ticking clock
Both GXS and MariBank are on the cusp of becoming full digital banks, but the true test will come with their financials
Add BT as a preferred source
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.
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CDL, Hong Realty outbid 3 other bidders with S$542.4 million offer at S$1,865 psf ppr for Peck Hay plot
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
Evergrande’s liquidation prompts some PwC partners to shield assets, contemplate divorce
