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Digital banking in Singapore

What will be the impact of digital banks in Singapore? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in Business Times – Singapore.

More and more countries worldwide are issuing full bank licenses to digital-only banks. The competition from digital banks is being seen as a favorable development for the consumer.

Digital banks with fewer physical branches and Automated Teller Machines to maintain could incur lower costs that could be passed onto the consumer.

However, Perera highlighted that non-bank players entering the regulated banking space would need to learn a great deal in terms of maintaining cyber- security and managing financial risks.

To overcome these challenges, regulators should work closely with licensed digital banks while also helping digital-only banks domiciled in Singapore to grow regionally.

Read more: https://www.spireresearch.com/newsroom/media/digital-banking-in-singapore/

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Spire Research and Consulting was established in 2000 to address a gap in the research and consulting industry in global emerging markets. Unlike most agencies that focus on traditional consumer research, our founders saw a profound need for holistic research projects.
These projects integrate traditional customer research with knowledge of the broader business eco-system; for instance, competitors, channels, legal and regulatory factors. They support strategic decision-making for market growth and entry. Our studies provide indispensable tools for creating business plans, setting sales quotas, quantifying budgets and investment as well as making product launch decisions.

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