[Tangsen]

Joke, PLS LOOK IN Depth WHO Behind for those corporations you mention
SIA, SINGTEL , ST

These corporations are like Govt " symbol " means will not close down for sure as Govt will always help behind inject money, IF Really business is bad.

Beside others competitor like M1, Starhub etc 

why M1 , Starhub still around because the consumer base already there and mature.  They are so call " first batch of investors come in "

Now the rest come in later you see their consumer base is literally just a bit , if I not mistaken there is one crease operation in SG.

Next you also need to see Which Industries TOO.

Like this Grab is literally loosing money.

Your mircosopic view of these companies just serve locals then your opinion is microscopic.
  
Grab loosing money from day one like many tech startup recently is poor biz model which is not sustainable. They are "buying" the market by subsidising the consumers.
Both Grab and Shopee knows that, that is why the gov "awarded" them the digital banking license. With the customer based across SEA, you know how much leverage they can have with digital bank. I know because they engaged my firm whom I work for to advise, governance and compliance matters and they are sinking tonnes to make sure they meet all banking regulatory requirements not only in SG, ASEAN, ASIA and internationally. Regulatory and technologically.

Don't look at their superficial consumer business,  the real show is with SeaMoney and GXS.