Virtual Banking
Fitch: DBS, OCBC, UOB to See Minimal Impact from Digital Banks’ Deposit Cap Raise
Singapore’s digital banks have recently raised their deposit caps, but this move is not expected to significantly impact the profitability of local banks DBS, OCBC and UOB, according to Fitch Ratings. Grab and Singtel’s GXS Bank as well as Sea
Read More
GXS Bank Expands Access to Savings Account, Raises Deposit Cap to S$75,000
Grab and Singtel’s GXS Bank has made its savings account available on a first-come, first-served basis. The digital bank has also raised the deposit cap for its GXS Savings Account to S$75,000. This move possibly indicates that the Monetary Authority
Read More
Salesforce’s Findings Show That Consumers Crave Better Experiences from Their Bank
In Singapore, competition in the financial services industry is heating as customers grow frustrated with underwhelming digital experiences and are becoming more and more open to switching providers. A new global survey conducted by customer relationship management (CRM) provider Salesforce
Read More
Singlife Ties up With Aspire to Offer SMEs Greater Access to Financial Services
Homegrown financial services company Singlife has partnered with Singaporean B2B fintech Aspire to enable regional small-to-medium enterprises (SMEs) greater access to financial services. This partnership is the first to be launched under the fintech accelerator programme Singlife Connect which focuses
Read More
SCBX, KakaoBank Gears up to Apply for Virtual Bank License From Bank of Thailand
SCBX, the financial technology business group of Siam Commercial Bank, announced its readiness to apply for a license to establish a virtual bank with South Korean digital bank KakaoBank. This partnership involves the formation of a consortium, in with SCBX
Read More
Uncovering Why APAC Digital Banks Aren’t Making Money
In response to the evolving demands of customers and the need to address the limitations of traditional retail banking, there has been a significant rise in the number of digital-first banks operating in the Asia Pacific (APAC) territories. With over
Read More
AWS and Mambu Share Their Guide to Cloud Migration for Incumbent Banks
In today’s rapidly evolving economic environment, businesses need to be able to adapt quickly to changing market and consumer demands. This is especially true for traditional banks and financial institutions experiencing pressure to offer the same level of agility as
Read More
Aspire Achieves Profitability, Eyes Broader APAC and Team Expansion
Singapore’s B2B fintech Aspire announced that it has achieved profitability three months after closing an oversubscribed US$100 million Series C round co-led by Lightspeed and Sequoia Capital SEA. Headquartered in Singapore, Aspire serves over 15,000 businesses, including over 5,000 businesses
Read More
India Neobanking Sector Poised for 50.5% Annual Growth Through 2025
India’s neobanking market has been growing at a fast pace, driven by rapid change in technology, growing levels of Internet and smartphone penetration and supportive government initiatives. Accounting and consulting firm Grant Thornton estimates that the Indian neobanking market was
Read More
There Are Only 11 Profitable Challenger Banks In Asia — Here’s The List
Most digital challenger banks around the world are struggling to turn a profit, hampered by high customer acquisition costs, burdensome regulatory compliance requirements and limited revenue streams. Boston Consulting Group (BCG) estimates that a mere 5% of over 450 global
Read More