Singapore digital banks face long road to success

GXS Bank, Anext Bank and Green Link Digital Bank opened their virtual doors for business this year, about two years after the Monetary Authority of Singapore gave the green light to digital banks in a move to liberalise the financial industry. — Reuters

SINGAPORE: Singapore’s digital banks are mostly up and running, but newcomers face plenty of challenges in trying to establish a secure foothold in the financial sector, say observers.

Such banks will have to overcome hurdles like fierce competition from incumbent players and customers’ resistance to change.