Checking the financial pulse of Singapore's digital banks

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} 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 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. 6. [VCs caught in US-China trade war: Matrix rebrands China, India units]( This follows the decision of Sequoia Capital and GGV Capital to split their businesses last year. Here’s a list of other investors who have stakes in China. 7. [Singapore’s biotech sector is more successful than people think]( Over 20 years in the making, buttressed by billions of dollars in public sector funding, Singapore’s biotech sector has been a magnet for scrutiny. 8. [Charting the swift downturn of SEA’s quick commerce space]( Unlike in India, quick commerce in Southeast Asia continues to lose popularity and has seen players shut down or pivot. 9. [The top lenders to SEA’s and India’s tech companies]( Debt may be in vogue among tech companies in Southeast Asia and India. Investors are set to tap the demand. 10. [Ninja Van slashes more tech roles in second round of layoffs]( The cuts, among its junior tech staff in Indonesia, Vietnam, India, and Singapore, follow April’s round of layoffs in its Singapore tech division. --------------------------------------------------------------- KL CONFERENCE EXCLUSIVE: NETWORKING NIGHT ON JULY 24 The future of tech is in the connections you make at Botanica+Co Join us for Tech in Asia Conference Kuala Lumpur's Networking Night. There, you'll get the opportunity to connect with the brightest minds and most influential players in Asia's tech ecosystem, all while enjoying panoramic city views and delicious treats. 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