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Open banking a bigger threat to Singapore banks than digital entrants: report

Open banking may enable consumers to aggregate and compare information across institutions on a single platform

Published Fri, Sep 25, 2020 · 09:50 PM

Singapore

THE addressable loan market for Singapore's upcoming digital banks is estimated to be worth S$220 billion to S$243 billion, with these digital-only entities likely to catalyse loan growth in underserved segments, according to DBS Group Research.

For perspective, that's about a quarter of the local banks' total Q2 customer loan base of S$923 billion.

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Singapore banks

Singapore digital banks

Digital banking

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Open banking a bigger threat to Singapore banks than digital entrants: report

KEYWORDS IN THIS ARTICLE

Banking & Finance

Japan’s yen up sharply after hitting 34-year low against the dollar

China’s Bank of Communications Q1 profit rises 1.44%

HSBC’s private bank shuts independent asset management business in HK, Singapore

Nomura Q4 net profit jumps almost eight-fold on retail income surge

Rescue pup to meme star: the real-life ‘Dogecoin’ dog

Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea

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