Singapore’s digital banks remain loss-making despite increased revenues since their launch about two years ago. GXS Bank, backed by Grab and Singtel, tripled 2023 revenue to SGD14.3m but posted a loss of SGD152.1m. MariBank, owned by Sea, saw revenue jump sixfold to SGD10.1m, with losses at SGD52.2m. Trust Bank, majority-owned by Standard Chartered, reported a loss of SGD128.4m despite thirteenfold revenue growth to SGD39.1m. These firms face high costs, as they invest heavily in customer acquisition, technology, and regulatory compliance. They are expected to remain unprofitable for at least a few years as they build scale. To grow, they are broadening offerings beyond basic deposits and loans, moving into investments, insurance, and other fee-based services.