Big 3 banks can defend market share against fintech threats: Moody's

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.