Source : https://www.spireresearch.com/newsroom/media/digital-banking-in-singapore/

Digital banking in Singapore


8 July 2019
Business Times – Singapore

Digital banking in Singapore

What will be the impact of digital banks in Singapore? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in Business Times – Singapore.

More and more countries worldwide are issuing full bank licenses to digital-only banks. The competition from digital banks is being seen as a favorable development for the consumer.

Digital banks with fewer physical branches and Automated Teller Machines to maintain could incur lower costs that could be passed onto the consumer.

However, Perera highlighted that non-bank players entering the regulated banking space would need to learn a great deal in terms of maintaining cyber- security and managing financial risks.

To overcome these challenges, regulators should work closely with licensed digital banks while also helping digital-only banks domiciled in Singapore to grow regionally.


For media enquiries, please contact:

Nidhi Singh
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (91) 124 646 5499
E-mail: nidhi.singh@spireresearch.com


About Spire Research and Consulting

Spire Research and Consulting is the leading research consultancy in global emerging markets. Spire's competitive advantage lies in its ability to deliver actionable intelligence on the external business environment in support of its clients’ strategic decision-making in marketing and business development. Spire's clients include 50 Global Fortune 1000 companies and government agencies in 15 countries. For more information, please visit www.spireresearch.com.


For media enquiries, please contact:

Alyssa Tan
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355
E-mail: alyssa.tan@spireresearch.com

Nidhi Singh
Executive, Corporate Communications
Spire Research and Consulting
Phone: (91) 124 654 2062
E-mail: nidhi.singh@spireresearch.com