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.