Two years on, Singapore’s digital banks face long road to success

GXS CEO Charles Wong says a key focus next year is tackling pain points which hinder Singaporeans from accessing credit. PHOTO: LIANHE ZAOBAO
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SINGAPORE – Singapore’s digital banks are mostly up and running but newcomers face plenty of challenges in trying to establish a secure foothold in the financial sector, say observers.

Such banks will have to overcome hurdles such as fierce competition from incumbent players and customers’ resistance to change.

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