Singapore’s two digital banks opening up to new customers, raising deposit caps to $75,000

SINGAPORE – GXS Bank, the digital lender backed by Grab and Singtel, has opened up its flagship savings account to new customers on a first-come, first-served basis. It also raised the deposit cap to $75,000 per account.

The account was previously only for selected Grab and Singtel customers, and each depositor could store only up to $5,000.

Rival MariBank, owned by tech giant Sea, also told The Straits Times on Wednesday that it will raise its deposit cap for individual users to $75,000 from Thursday and will be opening up to more customers in the coming weeks.

Domestic sectors performed well, with building and construction, education and business services remaining above 50 points – in expansion territory.

But firms exposed to the global economy suffered, particularly transport and logistics, wholesale trade, and information and communications technology.

They were below the 50-point mark, along with SMEs in the resources, manufacturing, retail and healthcare sectors.

Source: The Strait Times