Just wondering why is it important to businesses to get the digital bank license? How would it transform their businesses or revenue levels? - Seedly
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Anonymous

Asked 3w ago

Just wondering why is it important to businesses to get the digital bank license? How would it transform their businesses or revenue levels?

Does anyone know why?

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Lok Yang Teng
Lok Yang Teng
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Top Contributor (Jun)

Level 9. God of Wisdom
Answered 3w ago

A digital bank offers the same type of banking services such as a traditional bank except it operates entirely online without any single physical infrastructure, such as a bank branch.

This allows for reduced overheads for the company and in turn, higher deposit rates for consumers.

In my opinion, businesses are trying to create a seamless eco-system for consumers (e.g. Grab+Singtel). This way, they can secure customers out of convenience (or cross-benefits).

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