New digital banks likely to value-add, say observers

Singapore has a small population and high banking penetration rate.
Singapore has a small population and high banking penetration rate.PHOTO: ST FILE

They see such firms serving segments of S'pore market with eye on rest of region

Singapore's new digital bank licence requirements suggest that regulators are seeking players who will value-add to the current system rather than eat into other segments, observers said.

While the Republic has a small population and high banking penetration rate, experts added that digital banks here will likely serve segments of the local market with a view to moving into the rest of Asean or Asia.

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A version of this article appeared in the print edition of The Straits Times on August 30, 2019, with the headline 'New digital banks likely to value-add, say observers'. Print Edition | Subscribe