QUOTE(TOS @ Dec 4 2020, 11:05 PM)
Digital banks coming to SG in 2022. 4 winners announced today.
https://blog.seedly.sg/singapore-digital-bank-licenses/And
Ramjade, there is no evidence that the interest rate for digital banks will be similar to Big 3 in Singapore.
In fact the seedly article suggests higher deposit rate for digital banks.
(I remember you told me you once saw MAS require interest rate for digital banks to be no higher than the Big 3? Forgive me if I read it wrongly, but the message was something like that, I think.)
A similar article in ST:
https://www.straitstimes.com/business/banki...ou-need-to-knowQUOTE(Ramjade @ Dec 5 2020, 12:20 AM)
Let's wait. You don't need to believe me.
If you know the way SG govt play the game you will know the reasons. Come I tell you.
1) SG govt is stingy and don't want their citizen to depend on banks. They want their citizen to invest.
2) Interest rate is practically zero. If they do offer high interest, money need to come from somewhere.
Even if got digital banks, can we open? Answer is likely no.

I have started investing into digital-like banks in Canada many years ago. They were credit unions. Their interest rate was indeed higher back then compared to TD Bank, etc,... this really caught my attention. Will this be the same for the start of digital banks in SG today ? They will need to attract depositors.
I will open an acct asap.