No cakewalk for Singapore's digital banks, but long-term opportunities abound

Newcomers may face difficulty out-investing leading conventional banks in digitalisation. PHOTO: ST FILE
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SINGAPORE - While use of digital services has surged, winners of Singapore's digital bank licences face a long haul to attain business viability and realise the full potential of the local and broader South-east Asian markets.

First, it will take them at least a year to fulfil prudential and regulatory requirements and raise the resources - capital and manpower - as well as put together the necessary technological infrastructure to launch their operations in earnest.

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