Singapore's digital banks expand beyond deposits with credit card offerings

Singapore's digital banking platforms are broadening their product portfolios to capture a larger share of consumers' spending activity, moving beyond their traditional focus on deposit-taking services. Several fintech players have begun rolling out credit card offerings designed to lock in customer loyalty through tiered reward structures.

The new cards feature various incentive mechanisms tailored to different customer segments. Stockback rewards tie card usage to investments, while cashback programmes offer direct monetary returns on purchases. Ecosystem-based rewards programmes allow customers to accumulate points redeemable across partner merchants and services, creating integrated financial ecosystems around the digital banking platform.

The shift reflects intensifying competition in Singapore's fintech space as digital banks seek to deepen customer relationships and increase transaction volumes. By moving upstream into credit products, these platforms aim to capture spending data and establish themselves as comprehensive financial service providers rather than niche deposit platforms.

Industry observers view the credit card expansion as a natural evolution for digital banks seeking sustainable revenue streams through interchange fees and customer engagement. The competitive landscape suggests further product diversification is likely as fintech players vie for market position in Singapore's increasingly sophisticated digital banking market.