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

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

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

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