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This is true as per the digital bank license FAQ. However, they could come up with solutions like SoCash or help merchants drain their cash (instead of having to deposit it EOD) and ibank them the balance, to allow GXS customers to draw cash at certain merchants. Won't be as convenient for sure, but may fit certain customer use case.GXS sadly can't offer ATM withdrawal services in Singapore and overseas, as it's regulated as a digital bank. Was informed by customer support.
Q40. Does MAS allow DFBs to collaborate with incumbent banks to gain access to their Automated Teller Machines (ATM)/Cash Deposit Machine (CDM) network? 40. DFBs are not be allowed to operate ATM/CDMs or join any existing ATM/CDM networks. The objective is for the digital banks to adopt innovative digital ways of serving customers and supporting the future digital economy.