Singapore digital banks struggling for profits


GXS Bank, MariBank and Trust Bank reported an increase in total income in 2023 but fell deeper into the red. — The Straits Times

SINGAPORE: Digital banks have been up and running for about two years here but turning a profit remains as elusive as ever.

The three banks serving retail customers, GXS Bank, MariBank and Trust Bank, reported an increase in total income in 2023 – the latest numbers available as they report only full-year results – but fell deeper into the red.

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