Singapore's digital banking move

Digital banks must click with customers' needs: Analysts

Products must be innovative to draw interest in well-banked city

ST ILLUSTRATION: MANNY FRANCISCO

Digital banks will have their work cut out for them when they launch in Singapore, and their best shot for survival will be to have innovative products and snag a decent slice of the market, say experts.

They told The Straits Times that such financial institutions tend to do best in emerging markets where existing banks fail to provide citizens with ample services. But that is not the case with well-banked Singapore, they said.

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A version of this article appeared in the print edition of The Straits Times on July 03, 2019, with the headline 'Digital banks must click with customers' needs: Analysts'. Subscribe