Digital Banking in Singapore Future
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, 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.
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.
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