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The Silicon Review Asia

Popular E-coms in Singapore are all set to make their debut in the banking sector

Popular E-coms in Singapore are all set to make their debut in the banking sector

The next-gen digital lenders of Singapore will now be watched very carefully, and this is not just because of the novelty value they add. Suppose the Digi-lenders managed to succeed in their endeavor. In that case, the regulator all around the work must also accept that the boundaries between banking and commerce will now get fuzzy. The Internet-only banks are not something new anymore. In the UK, the market is now teaming up with banks like Revolut Ltd., Starling Bank Ltd., and Monzo Bank Ltd. even the recently licensed vendors of the Hong Kong region are now working towards setting up their own virtual stores. In the US, also, certain branchless and virtual banks also witnessed immense growth.

SensorTower has reported that a few years ago, the market was seemingly dominated by traditional lenders. When Singapore’s government made the virtual bank license announcement, two companies managed to get hold of it. The first is a popular ride-hailing company that overpowered uber, and the other one is a popular mobile game make that also runs Shopee. Every bank requires data to understand the consumer’s behavior completely and commerce is equally responsible for generating the by-product from the data trail.

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