Singapore banks must go bionic or be left behind
TODAY in Singapore, there are strong indications that people are ready for digital banks. Despite a population of only 5.5 million, Singapore has the highest Internet penetration (81 per cent) and mobile penetration (156 per cent) in South-east Asia. By comparison, Poland's Internet penetration was only 21 per cent in 2002, when digital banking pioneer mBank entered the market. Singapore's digital banking penetration (94 per cent) is also the highest in South-east Asia.
However, mobile banking (using smartphones) penetration lags behind Internet banking and represents only around 50 per cent of t…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access
Far from thawing, the US-China economic war could see a new front opening up