Close Menu
fintechbits
  • News
  • AI
  • Acquisitions
  • Trends
  • Insights
  • Rumors
  • Startups
  • finjobsly

Subscribe to Updates

Get the latest news from Fintechbits.

Trending Now

A rapidly expanding fintech amid high valuations and future profits

July 25, 2025

The surge towards digital currency and the looming presence of surveillance: finding your way through the complexities of Fintech.

July 25, 2025

Clowd9 encourages the development of Lagos fintech in London

July 25, 2025

Yandex Türkiye launches tools for travel and AI financing.

July 25, 2025
Facebook X (Twitter) Instagram
Trending
  • A rapidly expanding fintech amid high valuations and future profits
  • The surge towards digital currency and the looming presence of surveillance: finding your way through the complexities of Fintech.
  • Clowd9 encourages the development of Lagos fintech in London
  • Yandex Türkiye launches tools for travel and AI financing.
  • Alset AI commends Hénon’s introduction of the IA inauguration toolkit for finance
  • Intuit Inc. is introducing new AI features and financial management tools for its Enterprise division to boost growth for mid-market companies.
  • Tipalti’s Layoffs of Workers in Israel and Internationally
  • AI in finance: rapidity, scope, and personal connection
Facebook X (Twitter) Instagram Pinterest Vimeo
fintechbits
  • News

    This Week in Fintech: Biweekly News Summary for June 24

    July 19, 2025

    Fintech and Global Expansion as Russia’s National Center Hosts a Major Session at SPIEF 2025 in Salt Lake City News, Weather, and Sports Updates

    July 15, 2025

    Alona Shevtsova emphasizes the importance of connection at the recent London Fintech Club event – London Business News

    July 15, 2025

    Unicorn Bank Zero represents the final achievement of his fintech journey.

    July 9, 2025

    Fintech Company Pine Labs Submits Documents to SEBI for IPO Fundraising

    July 4, 2025
  • AI

    Yandex Türkiye launches tools for travel and AI financing.

    July 25, 2025

    Alset AI commends Hénon’s introduction of the IA inauguration toolkit for finance

    July 24, 2025

    Intuit Inc. is introducing new AI features and financial management tools for its Enterprise division to boost growth for mid-market companies.

    July 24, 2025

    AI in finance: rapidity, scope, and personal connection

    July 24, 2025

    AI Agents Present Awards for Financial Services While Upholding Human Values

    July 24, 2025
  • Acquisitions

    African fintech leaders are shaping the industry through worldwide acquisitions.

    June 30, 2025

    Acrisure obtains significant funding to enhance its fintech strategy.

    June 14, 2025

    $200 million IPO SPAC aims for acquisitions in fintech and AI sectors.

    June 1, 2025

    Wealthsimple hires multiple teams to enhance family financial management.

    May 31, 2025

    The HPS of Morocco plans to acquire a Fintech company by 2027, referred to as CEO – TradingView News.

    May 3, 2025
  • Trends

    European fintech company Tractial boosts its Bitcoin holdings to 25.03 BTC, highlighting trends in institutional cryptocurrency adoption.

    July 24, 2025

    Impacts of Q2 2025 Success for QCR Holdings Compared to Revenue Shortfall: A Disconnect in the Fintech Sector

    July 24, 2025

    Trends in Fintech and Key Safety Considerations

    July 22, 2025

    Market size, share, trends, and business profiles in the Fintech industry

    July 10, 2025

    Overview of the FINCH 2025 Market and Participant Profiles

    July 5, 2025
  • Insights

    Bruce Markets obtains strategic investment from Apex Fintech Solutions, Robinhood, and Tastytrade.

    July 23, 2025

    ICAPITAL Fintech Achieves a Valuation Exceeding $7.5 Billion in Recent Fundraising Amid Surge in Private Markets

    July 10, 2025

    Alphalésaka Technologies: The Potential Transformative Impact of Recent Fintech Acquisition

    July 9, 2025

    Surge Continuation Funds in Europe Prepared for the 2025 Records – Fintech Schweiz Digital Finance News

    July 7, 2025

    Schaeffer Investment Research Scholarships Break Through Significant Resistance Levels

    June 27, 2025
  • Rumors

    A rapidly expanding fintech amid high valuations and future profits

    July 25, 2025

    Fast Track Group refutes $37 million in direct supply allegations and responds to market speculation.

    July 21, 2025

    Pro-Ripple attorney addresses XRP and Circle speculation on TradingView News

    July 19, 2025

    Exploring the Enigmatic Surge of 7.5% in Semiconductors: An In-Depth Technical Analysis

    July 18, 2025

    The dollar is affected by speculation about Powell in the markets.

    July 17, 2025
  • Startups

    Clowd9 encourages the development of Lagos fintech in London

    July 25, 2025

    Tipalti’s Layoffs of Workers in Israel and Internationally

    July 24, 2025

    Abu Dhabi-based Fintech Company Synervest Secures $4 Million in Series A Funding

    July 24, 2025

    The London-based Fintech Platform Secures Significant Funding for Currency Exchange Solutions

    July 23, 2025

    CSUF Business Graduate Launches Finch Startup

    July 23, 2025
  • finjobsly
fintechbits
Home » Singapore Fintech Report 2024: Losses continue to rise for digital banks
Jobs Market News

Singapore Fintech Report 2024: Losses continue to rise for digital banks

5 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
2024 Fintech Report Singapore .jpg
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

Free newsletter

Get the latest Fintech Singapore news delivered to your inbox once a month

In 2024, Singapore’s fintech landscape continued its dynamic expansion, strengthening the country’s position as a leader in payments innovation, digital banking and digital asset management.

THE Singapore Fintech Report 2024produced by Fintech News Singapore with support from Visa Direct, offers analysis of these advances, exploring the transformation of this growing ecosystem as well as the key trends shaping the sector.

Expanding Payments Connectivity

This year’s report highlights Singapore’s leadership in cross-border payments integration, highlighting the country’s position at the forefront of payments innovation, both regionally and internationally .

Singapore Fintech Report 2024: Which cross-border payment links have come online?
Source: Singapore Fintech Report 2024Fintech News Singapore

In 2024, Singapore continued to advance payments connectivity, focusing on linking its real-time payments system, PayNow, with those of its major Southeast Asian neighbors. Instant payment links, including QR code-based transactions, are now operational between Singapore and Malaysia, Thailand and Indonesia, enabling seamless and instant cross-border payments.

Toppan-iDGate_

At the same time, Singapore continues to actively participate in Nexus Projectan initiative led by the Bank for International Settlements (BIS) to improve the connectivity of global payment networks. The Nexus Project aims to improve the speed, cost, transparency and accessibility of cross-border payments by establishing multilateral links between national retail payment systems.

Nexus Project East currently in its fourth phase, which aims to expand its scope to include new jurisdictions, starting with India. This phase is also marked by the creation of the Nexus Scheme Organization (NSO), a new entity responsible for managing the Nexus system and its regulations.

Digital Banks Growing in Popularity, But Losses Continue to Mount

The year 2024 also saw accelerated growth in digital banking, driven by increased adoption and strong financial performance among Singapore’s five licensed players. All of these digital banks recorded an increase in revenue in 2023, ranging from a 190% increase for Grab and Singtel’s GXS Bank, to a remarkable 641% growth for Ant International subsidiary Anext Bank.

The momentum continued in 2024, with Trust Bank, a partnership between Standard Chartered and FairPrice Group, claims that its turnover tripled in the first half of 2024, while Anext Bank reported by June, its micro, small and medium enterprise (MSME) customer base had more than doubled from the previous year.

SG-Report-2024
Source: Singapore Fintech Report 2024Fintech News Singapore

However, as growth figures accelerate, losses continue to mount for Singapore’s digital banks, as is the case for digital banks that require up to 5 years to turn a profit.

In this regard, GXS is the loss leader which closes the financial year with $152 million in losses and ANEXT Bank appears to be the bank closest to profitability with only $27 million in losses. This can likely be attributed to a lower acquisition cost for the SMB base compared to GXS Playground and Trust for retail.

Several of these banks have launched new offers this year to meet their growing customer base and diversify their sources of income. At the end of 2024, GXS Bank deployed Boost pocketa new feature of the GXS Savings Account offering higher interest rates on savings, and the GXS Flexicard, a credit card offering. In August 2024, Trust Bank extended its credit portfolio with split purchase and balance transfer. Meanwhile, Anext Bank in partnership with asset management company Schroders to provide investment fund options to MSMEs.

Growing institutional interest in digital assets

The adoption of digital assets and tokenization continued to rise in 2024, fueled by increased institutional interest and regulatory support.

DBS’s digital assets arm, DDEx, reported a three-fold increase in the value of digital assets traded on its platform in the first five months of 2024, compared to the same period last year. The platform, which is aimed at qualified investors, also saw 36% growth in the number of active trading clients, reflecting strong investor interest. DDEx is a bank-licensed platform launched in 2020 that offers a full range of digital asset services, including trading, custody, and security token (STO) offerings.

2024 also saw stablecoin adoption accelerate, following regulatory updates in late 2023. Paxos, a US-based blockchain infrastructure and tokenization platform, in July 2024 became the first company to receive full approval from Singapore to issue stablecoin. This was followed shortly after by StraitsX and its stablecoin XSGD.

Singapore Fintech Map 2024

In 2024, the Singapore Fintech Report identified 487 fintech companies serving the Singapore market. This figure marks a significant decline from the more than 700 companies in the previous report, reflecting the updated methodology to only include companies actively operating in Singapore.

This decline may also be explained by the exit of several fintech companies, particularly in the buy now, pay later (BNPL) and Web 3.0 verticals, amid changing market conditions and licensing requirements. more strict.

Despite these changes, payments – domestic and international – have continued to dominate Singapore’s fintech landscape, accounting for 27.2% of all fintech companies operating in the country. The category is followed by regtech (12.6%), tech wealth (11.8%) and blockchain/Web3.0 (8.8%).

Singapore Fintech Map 2024, Source: Singapore Fintech Report 2024, Fintech News Singapore
Singapore Fintech Map 2024, source: Singapore Fintech Report 2024Fintech News Singapore

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Transitioning to Content Creation After Leaving My FinTech Job

July 24, 2025

The field of fintech engineering is a fast-growing profession that values curiosity.

July 23, 2025

DBS Expands Career Coaching Access in Labor Market

July 22, 2025
Leave A Reply Cancel Reply

Latest news

A rapidly expanding fintech amid high valuations and future profits

July 25, 2025

The surge towards digital currency and the looming presence of surveillance: finding your way through the complexities of Fintech.

July 25, 2025

Clowd9 encourages the development of Lagos fintech in London

July 25, 2025
News
  • AI in Finance (1,396)
  • Breaking News (158)
  • Corporate Acquisitions (65)
  • Industry Trends (181)
  • Jobs Market News (295)
  • Market Insights (192)
  • Market Rumors (254)
  • Regulatory Updates (152)
  • Startup News (935)
  • Technology Innovations (155)
  • X Feed (1)
About US
About US

FintechBits is a blog delivering the latest news and insights in fintech, finance, and technology. We cover breaking news, market trends, innovations, and expert opinions to keep you informed about the future of finance

Facebook X (Twitter) Instagram Pinterest Reddit TikTok
News
  • AI in Finance (1,396)
  • Breaking News (158)
  • Corporate Acquisitions (65)
  • Industry Trends (181)
  • Jobs Market News (295)
  • Market Insights (192)
  • Market Rumors (254)
  • Regulatory Updates (152)
  • Startup News (935)
  • Technology Innovations (155)
  • X Feed (1)
Happening Now

November 28, 2024

“ Intentionally collaborative ”: how the Rotman school of U of T leads Innovation Fintech

February 6, 2025

‘1957 Ventures’ to Drive FinTech Innovation in Saudi Arabia

September 10, 2024
  • About FintechBits
  • Advertise With us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Terms and services
  • BUY OUR EBOOK GUIDE
© 2025 Designed by Fintechbits

Type above and press Enter to search. Press Esc to cancel.