Digital banking in Singapore (Business Times Singapore)
Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in Business Times (Singapore) about the impact of digital-only banks in Singapore.
By: Spire Research and Consulting
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, larger banks need not be concerned by digital banks as they are able to provide different services and a greater number of offerings.
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/