Singapore Digital Banks: GLDB, Trust Bank Reach Profitability
Two of Singapore's five digital banks, GLDB and Trust Bank, achieved profitability in FY2025 and early 2026, according to the 2026 Singapore Digital Banking Report. Their success stems from distinct client-focused strategies.
Profitability Milestone
Singapore's digital banking sector sees two players, Green Link Digital Bank (GLDB) and Trust Bank, reach profitability. The 2026 Singapore Digital Banking Report reveals that these five digital banks primarily compete on client segmentation. GLDB recorded a full-year profit of S$16.1 million for its FY2025.
This marks GLDB as the first Singapore digital bank to achieve full-year profitability. Trust Bank reported its first profitable month in March 2026. This follows a significant narrowing of its FY2025 loss to S$53.5 million.
GLDB's B2B Focus
GLDB's strategy centres on micro, small, and medium enterprises (MSMEs), without serving retail customers. The bank focuses on supply chain financing for high-growth sectors, including technology and sustainable construction. This model allows businesses to extend credit to buyers while suppliers receive early payments.
GLDB also partners with specialised fintechs, distributing financing facilities with lower direct costs. Non-bank customer deposits surpassed S$1 billion in FY2025, with loans growing 57% to S$676 million. GLDB evaluates a future initial public offering (IPO).
Trust Bank's Retail Growth
Trust Bank grew its customer base through a referral engine, with over 70% of new sign-ups arriving this way. This approach helped the bank acquire customers efficiently, keeping acquisition costs low. Trust Bank now serves over one million customers, making it Singapore's fourth largest bank by customer numbers.
Its income before operating expenses rose 39% to S$135 million in FY2025. Loans and advances to customers exceeded S$1 billion, and non-bank customer deposits approached S$4 billion. Approximately 170,000 customers use Trust as their primary financial institution.
Other digital banks faced challenges in 2025. GXS Bank reported the largest loss among its peers, though it reduced losses for a second consecutive year. MariBank's income grew fastest, up 53% to S$37.4 million, but its loss widened to S$55.6 million. ANEXT Bank saw income ease 5% to S$42.6 million, with its loss widening 33.8% to S$49.8 million.
The success of GLDB and Trust Bank demonstrates that distinct, client-centric models can drive profitability in Singapore's competitive financial landscape. This reveals a clear path for other Asian digital lenders: focused market segmentation and cost-efficient operations are crucial for scaling towards positive returns.
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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