Banks partnering fintechs in quest for digital dominance

DBS and UOB have linked up with ride-hailing app partners that are evolving into fintechs - a cluster attracting premium valuations.
DBS and UOB have linked up with ride-hailing app partners that are evolving into fintechs - a cluster attracting premium valuations.PHOTO: ST FILE

There is a power play ahead for Singapore banks as they cosy up to fintechs that offer quicker ways to scale and deepen their customer reach.

But the quest for digital dominance in the next few years through partnerships will hinge on whether fintechs will be pinched by funding constraints and how they and the bank manage an era of uneasy data alliances, analysts said.

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A version of this article appeared in the print edition of The Straits Times on January 07, 2019, with the headline 'Banks partnering fintechs in quest for digital dominance'. Print Edition | Subscribe