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Hi readers,
For a tech journalist, I must confess that I’m not the quickest to adopt new products. I only got on the crypto bandwagon in 2020, long after it went mainstream. I’ve never bought anything from a livestreamer, and I only got a TikTok account earlier this year.
That said, I was an early adopter of digital banking, signing up for accounts with both Trust Bank and GXS Bank. What attracted me to these services? The higher interest rates.
Sure, you can get even higher rates with traditional banks, but that usually involves having to sign up for other services as well – a credit card or a financial product – and I like keeping things fuss-free. While I came for the interest rates, I’ve been impressed by the user interface and speed of these digital banking apps.
Unfortunately, none of Singapore’s five digital banks – including MariBank, Anext Bank, and Green Link Digital Bank – are profitable, and it may be a few years before they go into the black. However, South Korea’s KakaoBank has demonstrated that it is possible for a digital bank in a developed country to achieve scale and profitability.
This story compares the 2023 financial results of all these players, with Kakao acting as a sort of benchmark. In my view, it’s still early days yet, so we should cut them some slack.
— Simon Huang, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. No profit, no problem: Singapore’s digital banks in six charts
If South Korea’s KakaoBank is the benchmark, Singapore’s digital banks still have some ways to go.
2. Policy flip-flops, overcapacity dull Indonesia’s ambitious solar energy goals
To avoid setbacks, the country must incentivize renewable energy and reduce its reliance on coal.
3. Vietnamese tech star suspends startups amid legal dispute, police probe. He denies wrongdoing
Kevin Tung Nguyen’s JobHopin was bogged down by funding and product-related snags while Skola is mired in financial and ownership issues.
4. Singapore’s deeptech blueprint takes shape, but hurdles dent ambitions
Although the city-state has poured nearly US$1 billion into its deeptech dream, many startups have perished or exited the country to prevail.
5. One Championship parent eyes profitable 2024 as broadcasting deals pump numbers
Group One Holdings inked deals with companies like Disney+ Hotstar recently and has more in the pipeline for further growth.
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