Thanks in no small part to recent rate cuts by the US Federal Reserve System, Singaporean banks are now under increasing pressure. And the outlook for the Asian city-state’s banking sector suggests that things may get only worse this year, especially for the three biggest players:
United Overseas Bank
Southeast Asia, with a high percentage of its population still underbanked but with growing economies and widespread smartphone adoption, is prime territory for fintech upstarts as well as pioneering incumbent banks. The race is on, and many players have jumped in, with ASEAN governments promoting the contest, which is pushing the limits of financial services to new boundaries. The ultimate winners, of course, will be the commercial and retail customers.