New digital banks likely to value-add, say observers

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

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

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'. Subscribe