Singapore has opened up for new challenger banks to open up shop in the country and people are getting thrilled about it.
The nation announced at the end of 2019 that it would grant five companies new digital banking licences. Over the 20 companies reached out to get their hands on the licences.
And it seems as if the nation’s citizens are ready to welcome the new players with open arms. Having surveyed 511 Singaporeans, payment giant Visa revealed that 75% were willing to bank with established companies that are not in the financial services industry or with companies that are within the sector, ZDNet reported.
Moreover, 63% would bank with new startups. That being said, established providers still seemed favoured by consumers as 84% would use the digital banking services of established banks while 65% would opt for a challenger bank.
Singapore’s FinTech scene has gone from strength to strength over the past decade. Back in 2014, FinTechs in the country only raised $19.2m. In 2018 that figure had jumped to $1.42bn according to FinTech Global’s data.
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