Economic Affairs

The challenges facing digibanks

User experience, not products, will ultimately decide who the winners will be.

The digital banks have timed their entrance well, says the writer, as the Covid-19 pandemic accelerated digital adoption. PHOTO: ST FILE
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As at September, consumers and SMEs have more banking choices - digital banks have finally arrived and a publicity blitz is under way.

Most of those licensed are up and running. For consumers, there is GXS Bank - backed by Grab and Singtel - which launched its app on Sept 5 and is signing up new customers by invitation. There is also Trust Bank launched by Standard Chartered Bank and the FairPrice Group, which, because of StanChart's status as a "significantly rooted foreign bank", is able to offer a broader suite of products and services and also has ATMs. Mari Bank, which is backed by the gaming, payments and e-commerce company Sea, has yet to launch.

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