The Business Times
business-time-50

Eased restrictions on GXS, MariBank indicate maturing digibank sector: observers

But the jury is still out on the long-term success of these upstarts.

google-preferred-sourceAdd BT as a preferred source
Sharanya Pillai

Sharanya Pillai

Published Wed, Jul 19, 2023 · 05:24 PM
    • GXS and MariBank’s moves indicate that the Monetary Authority of Singapore has eased the S$50 million deposit cap imposed on the companies.
    • GXS and MariBank’s moves indicate that the Monetary Authority of Singapore has eased the S$50 million deposit cap imposed on the companies. PHOTO: BT FILE

    THE moves by GXS Bank and MariBank to open up their savings accounts to the public – with a higher deposit limit of S$75,000 per account – reflects greater trust from the regulator and a maturing digital banking sector, observers told The Business Times (BT).

    On Wednesday (Jul 19), GXS announced that it is accepting new customers for its savings account, after having offered it on an invite-only basis. All slots for the GXS Savings Account were snapped up within a few months after its August 2022 launch.

    The bank is also raising the limit for deposits from S$5,000 per account to the new S$75,000 threshold. It will launch a debit card in the coming months.

    GXS BankDigital bankingMonetary Authority of Singapore

    TRENDING NOW

    Yeoh Pei Xien is the youngest grandchild of Yeoh Tiong Lay, who founded Malaysian multinational conglomerate YTL Corporation.

    Yeoh Pei Xien: YTL’s third-gen scion with a pastor’s heart

    Grant Wee built Hideaway as a massage-and-bathhouse concept centred on solitude and recovery.

    UOB CEO’s youngest child Grant Wee turns burnout into a wellness business

    Keppel declares an interim cash dividend of S$0.15 per share for H1 2026, unchanged from the year-ago period.

    Keppel H1 net profit drops 59% to S$155 million on impairments, M1 deal fallout; shares fall 4%

    Singtel says both options remain at an exploratory level for now.

    Singtel explores Nasdaq-SGX dual listing for data centre arm Nxera, local data centre Reit

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More