Singapore's digital banks dangle incentives to win new customers — is it sustainable?
Publishing timestamp: 2023-02-20 21:34:26
Summary
Digital retail banks in Singapore are offering incentives and waiving minimum account balances to win over customers from traditional banks, but industry observers question if it's sustainable in the long term. Trust Bank, backed by Standard Chartered, has achieved 9% of banking market share in Singapore within five months, but it is unclear if they can keep customers coming back. Traditional banks have more established offerings, and digital banks may have difficulty making an impact in the retail banking space in Singapore.
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Tickers: UOBH-SG, STEL-SG, OCBC-SG, SE, STAN-GB, DBSM-SG, A6I-FF,
Keywords: oversea-chinese banking corporation ltd, internet, united overseas bank ltd, asia economy, grab holdings ltd, sea ltd, technology, banks, standard chartered plc, singapore telecommunications ltd, dbs group holdings ltd, business news,