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Finance

Singapore virtual banks to service Asia's unbanked millions

Low-cost digital players offer loans to region's small and medium companies

People walk past office buildings at the central business district in Singapore. The city-state is opening the way for five new digital banks.   © Reuters

SINGAPORE -- Low-cost digital banks in Singapore are set to capture up to 2% of the country's domestic banking sector worth about $24.3 billion, according to an estimate by Moody's Investors Service.

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