S'pore fintech use expected to grow

This article is more than 12 months old

Consumers here may be reluctant to use financial technology but they are willing to try such services in future, a new report showed.

This shift in attitude will provide more opportunities for local financial firms, said Mr Liew Nam Soon, EY's managing partner for financial services in Asean.

The EY report found that only 23 per cent of those it termed "digitally active" here use fintech regularly, compared with 15 per cent in 2015, but well under the global average of 33 per cent.

China was the leader in using fintech at 69 per cent.

EY conducted 22,000 interviews across 20 markets. They asked about services such as digital-only banks and online stockbroking.

Mr Liew told a briefing yesterday: "The increase in emerging markets is that a lot of traditional and fintech players are using fintech to reach out to the unbanked."

He also said the fact that Singapore is small adds to the low score, as it is easy to go to a branch.

Mr Liew added that usage of traditional channels is going down, but not as quickly as other markets.

The report also found fintech usage here is expected to reach 56 per cent in the near future, compared with the global rise to 52 per cent. - THE STRAITS TIMES