Green Link Digital Bank Posts S$16.1 Million Profit in FY2025; GXS Bank Records S$132 Million Loss
Singapore’s digital banking sector shows varied financial results for FY2025. Green Link Digital Bank (GLDB) achieved profitability, while GXS Bank, MariBank, Trust Bank, and ANEXT Bank reported significant losses.
Digital Banks Show Divergent Paths
Singapore’s digital banking market saw varied financial outcomes in FY2025. Green Link Digital Bank (GLDB) was the sole profitable player, reporting a S$16.1 million profit, according to the 2026 Singapore Digital Banking Report. In contrast, four other digital banks posted losses. GXS Bank recorded the largest deficit at S$132 million.
MariBank followed with a S$55.6 million loss, Trust Bank with S$53.5 million, and ANEXT Bank with S$49.8 million. This divergence highlights distinct business model performances within the nascent sector.
GXS Bank Narrows Losses Amid Growth
GXS Bank, despite its S$132 million loss, has narrowed its deficit for a second consecutive year. Group CEO Lai Pei Si noted the bank completed its foundational build in late 2023. Since then, its balance sheet, revenue, and assets have grown, while costs reduced. The loan book expanded over three times to S$814 million. Total income increased nearly 50% to S$44 million.
GXS Bank serves over eight million customers across Singapore, Malaysia, and Indonesia. Its customer base includes 80% early-career professionals, gig workers, and self-employed entrepreneurs. The bank recently launched the GXS Credit Card, which complements Grab and Singtel ecosystems.
Mixed Fortunes for MariBank, ANEXT, and Trust Bank
MariBank’s loss widened to S$55.6 million in FY2025. However, its total income reached S$37.3 million, a 23-fold increase from S$1.6 million in 2022. This income now covers almost two-thirds of its annual loss. MariBank’s deposit base grew to S$1.9 billion, the second largest among Singapore’s digital banks.
ANEXT Bank’s loss also widened to S$49.8 million for FY2025, up 34% year-on-year. Its deposits crossed S$1 billion to S$1.15 billion. CEO Kai Qiu told Business Times the bank aims to break even by 2027. Trust Bank reported a S$53.6 million loss in FY2025. It achieved its first monthly profit in March 2026.
Its income before operating expenses reached S$135 million, a 45-fold increase from S$3 million in 2022. Customer deposits climbed to nearly S$4 billion, the largest in the sector.
GLDB’s profitability, attributed to its lending-first strategy, demonstrates a viable path for some digital banks. The divergent performance among its peers highlights the challenges of scale and customer acquisition. GXS Bank’s ability to narrow losses while expanding its customer base shows its ecosystem-driven approach may yet yield returns.
For investors and market observers, these results show the sector moving past its initial growth phase. Future profitability will depend on effective product differentiation, operational efficiency, and sustained customer engagement in a competitive environment. MariBank plans new product offerings in H2 2026, while ANEXT focuses on GPU and AI infrastructure financing.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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