Digital banks: Big step into the future of banking

Consumers set to benefit with added competition, greater innovation in services

Singapore's first SGQR-enabled vending machine, a collaboration between payment solutions provider FOMO Pay and fintech firm D'Cube Concepts. The inclusion of fintech players in the banking sector can lead to novel ways of doing banking and a seamles
Singapore's first SGQR-enabled vending machine, a collaboration between payment solutions provider FOMO Pay and fintech firm D'Cube Concepts. The inclusion of fintech players in the banking sector can lead to novel ways of doing banking and a seamless virtual experience for customers, says the writer.ST PHOTO: MARCELLIN LOPEZ

A digital shake-up is closing in on Singapore's banking sector.

As many as five digital banks - virtual entities that deliver banking services via the Internet and do not require physical branches - will soon be allowed to start operations in the country, revolutionising financial services and accelerating the shift towards a cashless society.

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A version of this article appeared in the print edition of The Sunday Times on November 10, 2019, with the headline 'Digital banks: Big step into the future of banking'. Subscribe