Brandon Ho

Community Lead at Seedly

05 Mar 2020

∙

Thoughts on the possibility of a fully-digital bank? Is it feasible? What would be the pros and cons to this?

I know that Grab and Singtel are teaming up to try and get a license for a fully-digital bank, and recently former long-time CITI head of retail banking, Charles Wong, has joined the team for this venture. Do you think that this will ultimately come to fruition? How feasible is it to have a fully-digital/fully-online bank? What are the pros and cons of a fully-digital bank? What are the possible pitfalls?

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Andy Sim

05 Mar 2020

HR Professional at a Financial Institution

Hi Brandon, I guess fully digital banking will allow you to perform transactions anytime anywhere and they will be updated in real time (hopefully), cutting down on uncessary paperwork etc. But the cons of it is the issue of depositing cash (if you have some on hand) and the security of your money inside the digital bank.

Would be interested to see how these banks resolves these issues and also convince us about cybersecurity and safety of our money.

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Frankie Rappaport

05 Mar 2020

The industry is going into that direction surely.

I always wonder what happens, when technology problems arise (hacking, crises, catastrophies) and e-money is no money then ... good to have some small gold units then?

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