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9 in 10 Singapore SMEs open to digital banks: Visa

Digital banks still need to prioritise banking needs of this underbanked sector, establish trust, build partnerships

Published Mon, Oct 26, 2020 · 09:50 PM

Singapore

TRADITIONAL banks may need to watch their backs, as almost nine in 10 of small and medium-sized enterprises (SMEs) in Singapore are willing to move services over to the upcoming digital banks, according to a latest study by Visa.

Even so, the digital bank entrants will need to prioritise SMEs' desire for control over their banking needs, as well as establish trust and build partnerships if they want to convince this segment to make the leap.