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The Singapore digital bank profit story is beginning to separate into three profitability camps, based on their performances for FY2025.
GXS Bank recorded the largest loss in FY2025 at S$132 million, more than double that of any other loss-making digital bank.
MariBank came next in line at S$55.6 million, then Trust Bank at S$53.5 million, and finally ANEXT Bank at S$49.8 million for FY2025.
GLDB, meanwhile, successfully proved its mettle as the only digital bank in Singapore to swing in a profit at S$16.1 million.
Source: 2026 Singapore Digital Banking Report
Looking deeper into the data from our latest 2026 Singapore Digital Banking Report, there’s more to the story than these five numbers.
GXS Bank Says Its Losses Are Narrowing as Growth Picks Up
Source: 2026 Singapore Digital Banking Report
While GXS Bank has indeed posted the highest loss for the year based on its latest audited financial statement, the bank has successfully narrowed its loss for a second consecutive year.
Lai Pei Si, the Group CEO of GXS Bank, commented,
Pei-Si Lai
“Since we completed our foundational build at the end of 2023, our balance sheet, revenue and assets have continued to grow while costs have reduced over the past two years. Our loan book grew by more than three times to S$814 million from the year before, while our total income increased by nearly 50 per cent to S$44 million.”
To give credit where it’s due, the bank has been bringing in more products and services to serve its customers, with 80% comprising early-career professionals, gig workers, and self-employed entrepreneurs.
GXS Bank most recently launched the GXS Credit Card, an unlimited cashback credit card that complements Grab and Singtel ecosystems well. It is also the only digital bank in Singapore that offers a 0% credit card, albeit with a flat S$500 limit.
But with small steps like this, it is staying true to its promise ‘to make banking better for Singapore’s everyday consumers and small businesses.”
Pei Si shared,
“We have also invested in new segments and products to enhance our service proposition to customers and to meet their needs, especially when they interact within the ecosystem. Today, our three digital banks serve more than eight million customers across Singapore, Malaysia and Indonesia.”
She added on, sharing that their operating leverage has improved YoY, and the bank expects this positive trend and growth trajectory to continue for the rest of the year.
Is MariBank’s Revenue Closing the Gap on Its Losses?
Source: 2026 Singapore Digital Banking Report
MariBank’s loss for the year widened to S$55.6 million in FY2025, its steepest dip yet. It’s total income has been growing steadily and reached S$37.3 million in the same audited year, which is promising given that this is roughly 23X from the S$1.6 million it started off with in 2022.
Income now covers close to two-thirds of the annual loss, against 4% a few years ago.
Its deposits also show an upward trend. MariBank’s base has grown to S$1.9 billion, the second largest among Singapore’s digital banks after Trust Bank.
In a separate report by Business Times, the bank has shared that it “will look to expand its product offerings across loans, investment and business banking.”
New features are underway to be launched in H2 2026, according to its spokesperson. MariBank Group, as a whole, is aiming to tap into the Philippines and Singapore to build its digital banking ecosystem.
ANEXT Bank Losses Widen, Still On Track to Break Even in 2027
Source: 2026 Singapore Digital Banking Report
ANEXT Bank’s incurred loss widened to S$49.8 million for FY2025, its steepest yet and up 34% from the year before.
Its income before operating expenses reached S$42.6 million in the same audited year, easing about 5% from FY2024 after two steep years of growth.
Its deposits show a clear upward trend. The bank’s deposit base crossed the S$1 billion mark for the first time, reaching S$1.15 billion, up from S$906 million a year earlier.
Loans and advances moved the other way, contracting to S$636 million, the first decline after two years of expansion.
The bank has signalled two priorities for its next chapter, possibly in a bid to make a turn for the better: a market-first GPU and AI infrastructure financing framework, as well as a deeper push into integrated finance.
CEO Kai Qiu has informed the Business Times that the bank is still on track to break even by 2027.
Trust Bank Closes In on Profitability, Deposits Near S$4 Billion
Source: 2026 Singapore Digital Banking Report
Trust Bank turned its first monthly profit in March 2026, a milestone that caps a strong trajectory from its FY2025 term, where the bank reported a loss of S$53.6 million.
The bank’s income before operating expenses reached S$135 million for the same audited year, which is 45X the S$3 million sum it started with in 2022.
Trust Bank’s loans and advances to customers rose to cross the S$1 billion mark, while non-bank customer deposits climbed to nearly S$4 billion, the largest base among all of Singapore’s digital banks.
Much of that growth comes from Trust’s referral engine, which can be attributed to helping the bank reach 1 million customers, about one in five Singaporean adults.
CEO Dwaipayan Sadhu believes that the digital bank is on a sustainable path. However, the bank has not officially disclosed which specific products drove revenue growth.
GLDB’s Lending-First Bet Delivers Its First Full-Year Profit
Source: 2026 Singapore Digital Banking Report
GLDB crossed into the black for the first time in FY2025, posting a profit after tax of S$16.1 million and reversing the S$5.1 million loss it carried a year earlier.
Total operating income reached S$71.8 million in the same audited year, roughly 56X from the S$1.3 million it started with in FY2022.
The bank showcased the steepest income growth among the five. Net interest income did most of the lifting, rising to S$54.3 million from S$36.6 million, while net fees and commission income climbed to S$2.9 million from S$1.1 million.
GLDB has shared that it intends to continue investing in solutions that make banking simpler yet accessible for MSMEs in Singapore.
The bank is considering a future IPO, which would be subject to market conditions and regulatory approvals.
Featured image edited by Fintech News Singapore based on an image by tete_escape on Magnific
