Asia’s digital banks are disrupting what it means to democratise wealth

A joint venture between Southeast Asian superapp Grab and telecommunications leader Singtel, GXS was launched in 2022. Available via a dedicated mobile app, users can sign up for an account using Singapore’s identification app Singpass—allowing a quick and seamless onboarding process. The bank offers a savings account with “Pockets” for goal-setting and a “FlexiLoan” with flexible repayment options.

Integrated with the Grab and Singtel ecosystems, GXS offers rewards and benefits to these customers. It also has a focus on underserved segments, aiming to meet the needs of those who may find it difficult to access credit from traditional banks. Its FlexiCard has a S$500 credit limit and no minimum income is required for application. 

As a fully digital bank, it has a regulatory cap on total deposits, which may limit its scale initially. All services are also conducted online, which may not appeal to all customer segments.

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A partnership between global banking giant Standard Chartered, and Singapore’s FairPrice Group, a major local retailer, Trust Bank launched in 2022.

Customers can open an account through the Trust Bank app using Singpass. The bank offers a savings account, a credit card, and seamless integration with the FairPrice Group’s loyalty program. While digital-first, Trust Bank leverages the physical ATM network of Standard Chartered, offering some physical touch points. Right now, the bank’s benefits are largely concentrated within Singapore.

In February 2025, two years after its launch, Trust Bank hit its one million customer milestone. 

A subsidiary of Sea Limited, the parent company of e-commerce giant Shopee and gaming company Garena, MariBank commenced operations in 2023. 

MariBank is accessible through its mobile app, and similar to the other digital banks, the sign-up process is conducted using the Singpass app. MariBank primarily offers a high-yield savings account and is closely integrated with the Shopee e-commerce platform, providing benefits and seamless transactions for the millions of Shopee users in Singapore.

While MariBank operates exclusively in Singapore, Sea Limited operates digital banks in other Southeast Asian countries like the Philippines and Indonesia under the name SeaBank.

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A joint venture between the Gokongwei Group, one of the largest conglomerates in the Philippines, and the Tyme Group, a multi-country digital banking group, GoTyme Bank launched in 2022.

GoTyme employs a unique “phygital” model. Customers can open an account via the mobile app and then print a personalised Visa debit card in under five minutes from kiosks located in Robinsons retail stores.

In less than three years since its launch, GoTyme Bank has attracted over 6.5 million users in the Philippines and accumulated more than PHP 30 billion in customer deposits, as reported by Asian Banking and Finance. 

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Tonik Financial is a Singapore-based fintech company which operates Tonik Bank in the Philippines. It was the first digital-only bank to secure a license from the Bangko Sentral ng Pilipinas (BSP) in 2021.

Users can download the Tonik app and open an account in minutes with a valid ID. The bank offers high-interest time deposits, savings accounts, and “Stashes” for specific savings goals. It also provides consumer loans.

Mizuho Bank has invested in Tonik Financial with the aim of advancing financial inclusion across Asia.

A consortium led by Korea Investment Holdings and the operator of South Korea’s most popular messaging app Kakao, KakaoBank launched in 2016. It is the first online-only bank to go public. In 2021, the bank made its debut on the Korean stock exchange—surging 65 per cent from its IPO price. 

Similar to WeBank, KakaoBank is accessible through the KakaoTalk messenger app. Opening an account is a simple, mobile-only process that takes just a few minutes, requiring only a smartphone and a valid ID. The bank offers a range of products, including savings accounts, loans and debit cards with popular character designs.

Intuitive and engaging, this digital bank leverages the familiarity of the KakaoTalk platform. Its operating profit rose to US$131.09 million (KRW183 billion) in Q1 2025, a 23 per cent increase compared to the same quarter in 2024.

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These platforms are a powerful democratising force for wealth building because they dramatically lower the barriers to the tools that do.

For the first time, millions of people in cash-heavy societies can easily access high-yield savings accounts. By also providing micro-loans to small entrepreneurs who were previously denied credit, digital banks give them the capital to invest in their businesses. This could mean buying new equipment or more inventory, potentially leading to higher profits and genuine wealth creation. Features like savings GXS Bank’s Pockets or Tonik Bank’s Stashes encourage financial discipline and goal-setting. By reducing fees, digital banks ensure that more of an individual’s hard-earned money stays in their pocket to be saved or invested.

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