The Business Times
business-time-50

Growth of SME financial services hampered by banks’ restrictions on data: report

The lack of access could be seen as running counter to MAS’ efforts to create a more efficient financial sector

Summarise
google-preferred-sourceAdd BT as a preferred source
Benjamin Cher

Benjamin Cher

Published Tue, Jul 8, 2025 · 07:00 AM
    • The lack of API access to local traditional banks' customer data is hampering fintechs in serving the SME market.
    • The lack of API access to local traditional banks' customer data is hampering fintechs in serving the SME market. PHOTO: BT FILE

    [SINGAPORE] Local banks’ restrictions on API access to their small and medium-sized enterprises’ (SME) customers’ financial data are holding back growth in financial services for fintech startups, according to a report by think tank Fintech Nation.

    API refers to application programming interface, a protocol that allows for two different software programs to talk and exchange data.

    Currently, the major banks in Singapore selectively grant API access to certain platforms. Only one SME accounting platform, Xero, has managed to be publicly listed across the three local banks.

    FintechBanking

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Allowing some older malls to evolve organically could help Orchard Road retain diversity, says one observer.

    Room for more offices, homes and green spaces to make Orchard Road more vibrant

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The amendments "aim to protect the competitive process of takeover and merger transactions", says SIC.

    MAS revises takeover and merger code to enhance competition and disclosures

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More