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Singapore digital bank winners surge on hopes for fintech growth

Shares in Singtel and Sea rise while banks drop after award of licenses

Singapore's financial district. The banking landscape in the city-state will be transformed by four newly awarded digital banking licenses. (Photo by Akira Kodaka) 

SINGAPORE -- Shares in Singapore Telecommunications and Sea surged after the two were named as winning digital banking licenses in the city-state, showing investors' high expectation for their fintech businesses.

Singapore's three traditional banks, meanwhile, dropped Monday morning, suggesting that market watchers think the newcomers could trigger meaningful competition with the incumbents.

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