Big 3 banks can defend market share against fintech threats: Moody's
Add BT as a preferred source
Fiona Lam
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
SINGAPORE's Big Three banks are able to defend their market share against fintech competitors despite the rapidly growing threats to their business from these upstarts, Moody's Investors Service said in a report on Monday.
This is partly because DBS Bank, OCBC Bank and United Overseas Bank (UOB) have abundant financial resources to invest in technology, whereas startups are facing increasing competition for funding, said Simon Chen, a vice-president and senior analyst at the credit rating agency. Moody's noted that fewer fintech firms received funding in 2018 than in previous years.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
