The Business Times
business-time-50
SUBSCRIBERS

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

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    GXS BankDigital bankingMonetary Authority of Singapore

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Air India has been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East.

    Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Malaysia Madani, or Civil Malaysia, is Prime Minister Anwar Ibrahim's slogan encapsulating positive values (such as humanity and strong governance) that would shape policy direction. But the "corporate mafia" claims have now cast the spotlight on governance credibility.

    From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?

    Malaysia ranks 23rd globally on the Milken Institute’s global opportunity index.

    South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report

    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