GLDB reportedly became Singapore’s first digital bank to post a full-year profit in 2025

Tech in Asia reports GLDB earned US$12.5 million in 2025, while rival Trust led the group in income and deposits but had not yet reached full-year profitability.

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Green Link Digital Bank became Singapore’s first digital bank to report a full profitable year, earning US$12.5 million in 2025 after a US$3.9 million loss a year earlier, according to Tech in Asia. The report links GLDB’s result to its focus on trade and supply-chain finance, which can deploy deposits efficiently and keep customer-acquisition costs lower than retail banking. Trust remained the scale leader with US$104.7 million in income and US$3.07 billion in deposits, but its March profit did not translate into a profitable first quarter.

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Green Link Digital Bank recorded US$12.5 million in net profit for 2025, making it Singapore’s first digital bank to complete a profitable full year, according to Tech in Asia. The result reversed a US$3.9 million loss in 2024, three years after the bank launched.

The milestone does not mean Singapore’s digital-bank market has solved profitability. Most of the five licensed operators remain in the red, and the largest player by deposits has not yet turned its scale into a profitable full year.

A narrower business model reached the black first

GLDB and Anext are wholesale banks focused on businesses, while Trust, GXS and MariBank began with retail customers. Tech in Asia reports that GLDB concentrated on trade and supply-chain finance, a niche that let it put deposits to work more efficiently.

Tengfu Li of Moody’s Ratings linked the result to that focus. Sarah Jane Mahmud of Bloomberg Intelligence said the same positioning can keep acquisition costs below those of consumer banks that must spend more to attract large numbers of retail customers.

Anext, the other wholesale operator, still reported a wider year-over-year loss, but its deficit was the smallest among the banks that remained unprofitable. It is also expanding financing backed by AI hardware as collateral.

Trust leads on scale, not annual profit

Trust generated US$104.7 million in total income in 2025, nearly twice its closest rival, and held US$3.07 billion in deposits. It reached monthly profitability in March 2026, but still posted a net loss for that year’s first quarter.

The bank has expanded beyond savings and loans into credit cards, insurance and investments. Other operators are also adding business banking and using AI in customer verification, credit assessment and support.

The timing matters because Singapore’s licensing framework expects digital banks to reach net profitability about five years into operation. For the current group, Tech in Asia says that puts the pressure point around 2027 or 2028. GLDB’s result shows profitability is possible sooner, but the rest of the market still has to convert deposit growth and improving cost-to-income ratios into sustained earnings.

GLDB reportedly became Singapore’s first digital bank to post a full-year profit in 2025

Tech in Asia reports GLDB earned US$12.5 million in 2025, while rival Trust led the group in income and deposits but had not yet reached full-year profitability.

1 Source, 2h ago, first seen 2h ago

GLDB reportedly became Singapore’s first digital bank to post a full-year profit in 2025

TLDR

A narrower business model reached the black first

Trust leads on scale, not annual profit

GLDB reportedly became Singapore’s first digital bank to post a full-year profit in 2025

TLDR

A narrower business model reached the black first

Trust leads on scale, not annual profit

1 Source

Combined views

Sentiment

Summary

A narrower business model reached the black first

Trust leads on scale, not annual profit

A narrower business model reached the black first

Trust leads on scale, not annual profit

Combined views

Sentiment

Summary

Sentiment

Summary

1 Source

1 Source

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