Finance companies to crank up game as digibanks target SME turf
They risk being left behind with the advent of fleet-footed digibanks that are not only more nimble, but may also offer better rates and services
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HAVING enjoyed some lift in their business following relaxed financing rules in 2017, finance companies may have to brace for a tougher fight defending their turf in their core small and medium-sized enterprise (SME) segment in the next few years.
Known to be more traditional institutions that lag behind their banking counterparts in digital capabilities, Singapore's three finance companies need to ramp up their technology transformation, partner with innovative startups, or risk being left behind, analysts warned. This comes as upcoming digital banks threaten to steal their lunch with greater speed and simpler processes.
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