With over a decade of experience in Personal Banking and Wealth Management, I find myself increasingly intrigued by the Digital Banking sector, especially with the emergence of new players. This page serves as my platform to observe, analyze, and share insights on this rapidly growing segment. While my primary focus will be on my home market of Singapore, I may occasionally delve into other markets as well.
As of Feb 2024, there are 5 licensed institutions offering digital banking services in Singapore – Trust Bank, GXS Bank, Mari Bank, ANEXT Bank and Green Link Digital Bank, with the first 3 targeting the retail clients. Given my interest is in Retail space, I will keep my focus in this page on the Digital Banks that target Retail customers.
Given that these three banks are relatively new and still grappling with losses as of FY 2022, the landscape presents an interesting opportunity to learn from a nascent market. In 2023, each of them has started chartering into different path with their distinct selection of product offering, which makes it a compelling narrative. However, I’m still grappling with understanding the distinct value proposition that Digital Banks offer compared to traditional banks equipped with top-notch digital platforms. I hope to uncover insights into this aspect as I continue on this journey.