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
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
