Singapore’s digital banks are succeeding by focusing on specific customer pain points in an otherwise mature market, according to leaders from GXS Bank, MariBank, and Trust Bank.
MariBank is targeting the 95% of small businesses that are micro-enterprises, noting that many owners avoid costly business accounts and instead rely on personal accounts. To serve this group, MariBank launched a low-cost cross-border remittance service. Meanwhile, GXS Bank is prioritizing the financial needs of gig and agency workers who require flexible banking solutions.
Trust Bank, which recently crossed one million customers, emphasizes the strategic use of technology to deliver value efficiently. Its CFO, Fredy Aga, highlighted the use of AI for assessing credit quality in unsecured lending. Beyond core banking, all three institutions are actively moving into wealth management, viewing investment products as a major growth driver after lending. MariBank’s investment fund, which is accessible for as little as S$1, demonstrates the banks’ strategy of making new services available to a broader customer base.
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