While small geographically, Singapore has been big on transforming its banking sector. Unsurprisingly, the city-state was among the first to license digital-only banks. The first four were approved just over two years ago, with a fifth following. They have experienced some success against the “big 3”, but will more achievements follow?
Although there are a few challenges along the way, there’s potential for the four new Singaporean digital banks to impact the market and satisfy untapped needs. It might also push the incumbent banks to step up their game with more focus on customer experience!