GXS Bank recorded the largest annual loss among Singapore’s five digital banks for the 2025 financial year, even as its loan book grew more than threefold and total income rose nearly 50 percent. The results place GXS at one end of a widening profitability split among the city-state’s digital banking licensees, with only one rival turning a full-year profit.
Key Facts At A Glance
- GXS Bank posted a net loss of S$132 million for FY2025, the largest among Singapore’s five digital banks
- The loss narrowed for a second consecutive year, down from a wider loss in FY2024
- GXS Bank’s loan book grew more than threefold year over year to S$814 million
- Total income for GXS Bank rose nearly 50 percent to S$44 million
- MariBank posted the next-largest loss at S$55.6 million, followed by Trust Bank at S$53.5 million and ANEXT Bank at S$49.8 million
- Green Link Digital Bank (GLDB) was the only Singapore digital bank to post a full-year profit, at S$16.1 million
- GXS Bank’s three regional digital banks now serve more than eight million customers across Singapore, Malaysia and Indonesia
- GXS Bank most recently launched a cashback credit card and a 0 percent interest credit card with a S$500 limit
Gxs Bank’s Loss Narrows As Loan Book Expands
GXS Bank, backed by Grab and Singtel, posted the widest loss of Singapore’s five digital banks in FY2025, according to its latest audited financial statement. The bank has nonetheless narrowed its annual loss for a second straight year.
Group CEO Lai Pei-Si said the bank’s balance sheet, revenue and assets have continued to grow while costs have fallen over the past two years. She said GXS Bank’s loan book grew more than threefold to S$814 million from the prior year, while total income increased by nearly 50 percent to S$44 million.
Lai said around 80 percent of GXS Bank’s customers are early-career professionals, gig workers or self-employed entrepreneurs. The bank recently launched the GXS Credit Card, an unlimited cashback card built around the Grab and Singtel ecosystems, and remains the only Singapore digital bank offering a 0 percent interest credit card, albeit with a flat S$500 limit.
Lai added that the group has invested in new segments and products to serve customers within its ecosystem, noting that GXS Bank’s three digital banks, spanning Singapore, Malaysia and Indonesia, now serve more than eight million customers combined. She said operating leverage has improved year over year and the bank expects the positive growth trajectory to continue through the rest of 2026.
Other Digital Banks Show A Mixed Profitability Picture
MariBank’s loss widened to S$55.6 million in FY2025, its steepest yet, even as total income grew steadily to S$37.3 million, roughly 23 times the S$1.6 million it posted in 2022. Income now covers close to two-thirds of the bank’s annual loss, up from about 4 percent a few years earlier. MariBank’s deposit base grew to S$1.9 billion, the second-largest among Singapore’s digital banks. The bank has said it plans to expand its product offerings across loans, investment and business banking, with new features expected in the second half of 2026.
ANEXT Bank’s loss widened to S$49.8 million, up 34 percent from the prior year, while its income before operating expenses eased about 5 percent to S$42.6 million after two years of steep growth. Its deposit base crossed S$1 billion for the first time, reaching S$1.15 billion, while loans and advances contracted to S$636 million, the first such decline in two years. The bank has signaled plans for a GPU and AI infrastructure financing framework and a deeper push into integrated finance, and its CEO has said it remains on track to break even by 2027.
Trust Bank reported a loss of S$53.5 million for FY2025 but turned its first monthly profit in March 2026. Its income before operating expenses reached S$135 million, roughly 45 times the S$3 million it started with in 2022. Loans and advances rose past S$1 billion, and non-bank customer deposits climbed to nearly S$4 billion, the largest deposit base among Singapore’s digital banks, with growth attributed largely to referrals.
GLDB was the only Singapore digital bank to post a full-year profit, reporting S$16.1 million after tax and reversing a loss the year before. Total operating income reached S$71.8 million, roughly 56 times its FY2022 level, driven mainly by net interest income. The bank has said it will continue investing in solutions for MSMEs and is considering a future public listing, subject to market conditions and regulatory approval.