Tough task: The view of Singapore’s central business district. Digital banks in the city-state face an uphill task to achieve profitability as they need to spend heavily to attract customers in a competitive market. — Bloomberg
SINGAPORE: Recent high-level management shuffles at Singapore’s two digital full banks – GXS Bank and MariBank – have raised questions about whether changes are afoot in the sector.
Zennon Kapron, an independent analyst who has been involved with financial technology (fintech) for more than 20 years, noted that the executive movements could reflect internal strategic shifts, operational challenges or differing visions for the future direction of the banks.
