SINGAPORE – Digital banks in Singapore are intensifying the battle for consumers’ wallet share, launching new credit cards within days of each other and leaning on their ecosystems to drive spending and customer acquisition.

Trust Bank rolled out what it described as the first stockback credit card in Singapore on Aug 13, with the flexibility to choose between stock rewards, unlimited cashback and bonus cashback, while GXS Bank launched its new cashback card on Aug 17, tapping the Grab and Singtel ecosystems.

The flurry of launches points to a broader shift: Digital banks are no longer content with just competing for customers’ deposits, investments and loans – they want to be the primary card customers reach for when they spend.

Analysts view the new credit card offerings as part of the digital banks’ broader strategy to expand their retail banking franchises – a path commonly pursued by banks with retail operations in Singapore – with rewards representing a necessary customer-acquisition cost.

The strategies reflect the digital banks’ efforts to leverage their respective ecosystems to target specific customer segments, said Tamma Febrian, director of financial institutions group at Fitch Ratings Singapore.

Trust Bank chief executive Dwaipayan Sadhu noted that investing is gaining traction in Singapore, particularly among younger investors. However, many remain on the sidelines, yet to make their first investment.

A Trust study, which surveyed 1,050 Singapore residents aged 18 to 40 in May and June 2026, found that around half were not investing primarily because of a lack of confidence and not knowing where to start.