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Digital banks gear up for expansion in 2024 amid macro headwinds, increased competition
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Digital banks said that they have built their infrastructure from scratch and are unencumbered by legacy technology.
PHOTO: LIANHE ZAOBAO
SINGAPORE – Singapore’s digital banks are gearing up for further growth in 2024, amid headwinds from a slowing economy and high interest rates that have weighed on loan demand and led to stiff competition for deposits.
They have already made progress since launching their services from the second half of 2022, with Trust Bank, GXS Bank and MariBank catering to individual customers.
